BANK OF FINLAND DISCUSSION PAPERS
14/92
Tom Kokkola
Financial Markets Department April 1992
An International Bibliography of .Payment Instruments and Systems Literature for the Years 1985-1991
SUOMEN PANKIN KESKUSTELUALOITTEITA • FINLANDS BANKS DISKUSSIONSUNDERLAG Suomen Pankki ; . Bank of Finland P.O.Box 160, SF·00101 HELSINKI, Finland ~ + 358 0 1831 \
BANK OF FINLAND DISCUSSION PAPERS 14/92
Tom Kokkola
Financial Markets Department April1992
An International Bibliography of Payment Instruments and Systems Literature for the Years 1985-1991
Single copies of the discussion paper will be provided upon request from: Bank of Finland Financial Markets Department P.O.Box 160, SF-00101 HELSINKI Telefone +358-0-1831 Telefax + 358-0-174872 ISBN 951-686-325-6 ISSN 0785-3572
Suomen Pankin monistuskeskus Helsinki 1992 .-;: --... .
TABLE OF CONTENTS
Page
FOREWORD 5
..... "ABOUTTHE LlTERATURE 7
PART I - BIBLlOGRAPHY BY COUNTRY 9
Australia 11 Austria 12 Belgium 14 Canada 16 Denmark 18 Finland 19 France 21 Germany 24 Greece 25 Iceland 26 Ireland 26 Israel 27 Italy 27 Japan 30 Luxembourg 31 New Zealand 32 Netherland 32 Norway 34 Portugal 36 Spain 37 Sweden 38 Switzerland 39 United Kingdom 42 United States 45
PART II - INTERNATIONAL ORGANIZATIONS 55 r
PART 111 - BIBLlOGRAPHY BY SUBJECT MATTER 61
1 Payment Instruments and Retail Transactions 63
1,1 Cash (notes and coins) 63 1,2 Payment cards (prepaid, debit and credit) 65 1,3 Other 66
2 Automation of Retail Transactions 67
2,1 Automated Teller -Maqhines .(ATMs) and Cash Dispensers (CDs) 67 2,2 Electronic Fund Transfer / at Point Of Sale (EFT/POS) 68 2,30ther 69
3 Interbank Payment Systems and Large-Value Transactions 70
3,1 Structure and Operations 70 3,2 Policy Issues 72 3,3 Recent Developments 73 3.4 Other 74
4 International Payments 76
5 Clearing, Netting and Settlement 79
5,1 Payments 79 5,2 Securities 81
6 Payment System Risk 82
7 Intraday Credit and Daylight Overdrafts 85
8 Payment System Services: eost and Pricing 86
9 Juridical and Regulatory Issues 89
10 Technology 91
11 Unclassified 92 r 5
FOREWORD
This international bibliography of research, expository and descriptive'work on payment instruments and payment systems published since 1985 in 24 countries is primarily based on a survey conducted by the Research Department of the Bank of Finland in spring 1991. Publications since that time in 1991 have been included to the extent possible.
The aim of the survey was to compile a. comprehensive bibliography of relevant work that has been done in this area in recent years in different countries, particulary at central banks. I hope that it will be a guide to literature that will increase expertise in the area of national and international payment systems, and that it will support research and development related to payment instruments and systems.
The bibliography is divided into two main sections. The first, including Parts I and II, is based on country and international institution. The other section (Part 111) is a bibliography by subject matler. .
I would Iike to express my gratitude to all those who helped make this project possible. Ali errors and shortcommings, particularly regarding the classification of items under different subjects, are the responsibility of the author only.
Helsinki, April 1992
Tom Kokkola r 7
ABOUT THE LlTERATURE
Traditionally, banks are regarded as institutions with a dual function, since they provide both intermediation services and payment services. In light of this, it is interesting to note the hugh gap in the amounts of attention that have been afforded these two functions in the literature of economics. The literature on financial intermediation is enormous and has a long tradition, whereas the literature on payment services is relatively··new ·and limited. One problem here is, of course, where to draw the line between the two areas.
Most of the payments literature is descriptive; theoretical articles are quite rare, and, in fact, the field does not have its own well-established theories. Therefore, theoretical guidance must be sought among the traditionai economic theories, such as the theories on money, finance and production. The payments literature also reflects the fact that this field is by nature cross-scientific, involving economic, juridical, technological and other matters.
The new level of interest attached to the payment function seems to have its origin, at least in part, in the deregulation of capital flows and banking activites that occurred in many countries during the 1980s. The changed banking environment, together with rapid technoligical development, had a strong influence on payment systems.
In the international context, the liberalization led to growth in the volume of international financial transactions, which in turn forced bankers and regulators to pay more attention to settlement risks, expecially in cases where foreign currencies are involved. Questions related to clearing and netting arrangements are also well represented in the literature. Increased international travel and the integration process have recently raised the questions of how to improve the efficiency of small-value cross-border transactions and how to unify the handling of payment instruments in different countries.
On the national level, liberalization, including the abolishment of interest rate ceilings, has made it almost impossible to continue subsidizing transactions services from the profits generated by deposit-taking. Aiot of attention has therefore been focused on projects that improve the efficiency of retail transactions and, to some degree, on the pricing of these services.
The most extensive ·Iiterature we find is on issues related to interbank payments. The large values of these transactions and the substantial liquidity, credit, and even .systemic risks involved in these r 8.
transfer systems has been of major concern to central banks. This has also actualized the debate on the role of the central bank as a provider of final settlement in the payment system. Real-time settlement facilities offered by the central bank have in turn raised the issues of how to limit overdrafts on settlement accounts, whether or not to offera money settlement facility for the securities markets, etc.
It is somewhat remarkable that the literature includes very little economic research on payment flows. This is probably due to the .. - -fact that there is .ageneral lack of properdata on the values and volumes of payments. The prices of payment services is also a problem: the prices are not true market prices; they are ususally administratively set - and then there is the problem of the float.
Ali in all , it is surprising that 50 little has been written on the pricing of national and international large-value transactions and, related to this, how the risks involved should be priced. The situation is perhaps alittie better with regard to the pricing of payment instruments, especially regarding credit cards, but note the key word here - credit. r
PARTI
11
AUSTRALIA
1 . Publicationsdescribing the payment system in Australia
Australian Payment Systems Council (APSC). The Australian Payment System. Sydney, March 1987.
Australian Payment Systems Council. The Payments System in Australia. APSC, Sydney, November 1990.
Group of Thirty, Clearance and Settlement Project; Australia: Year-End 1990 Status "Report.
2 Other
Allen, R.A. Issues Facing the Payment Systems in the '90s. Conference on the Payment System: Access and Control. Terrigal, NSW, August 1989.
Australian Cansumers' Association. The Money Revolution. Consuming Interest, Sydney, Septem ber 1986.
Australian Payment Systems Council. Report af the Australian Payment Systems Council, Sydney, 1985, 1986, 1987, 1989 and 1990.
Clark, N. Payments Systems: The Australian Experience. Paper presented ta the 17th SEANZA Central Sanking Course. Sydney, October-November 1988.
Douglas, P. How Open Should the Payment System Se? Conference on the Payment System: Access and Control. Terrigal, NSW, August 1989.
Farkas, D. Improving the Efficiency of the Paper-Sased Payment Systems. Conference on the Payment System: Access and Control. Terrigal, NSW, August 1989.
Harper, lan R. Issues in the development of the Australian payments system. Macquarie University Sulletin of Money, Sanking and Finance, No. 3. 1985/1986
Loughlin, G. How Open Should the Payment System Be? Conference on the Payment System: Access and Control. Terrigal, NSW, August 1989.
Macfarlaine, I.J. Open Market Operations Since the Float. Reseve Bank of Australia Bulletin, December 1986.
Mallyon, J.S. The Role of the Payment System Council in the Australian Payment System - Supervision or Suasion? Australian Payment Systems Council, Sydney, September 1984.
Mallyon, J.S. Some Recent Developments in the Australian Payments System. Reserve Bank of Australia Bulletin, April 1986.
Mallyon, J.S. Electronic Transactians and the Australian Payments System Council: Accamodating the Interests of Banks, Building Societies, Credit Unions and Retailers. Australian Payment Systems Council, Sydney, March 1987.
Mallyon, J.S. Issues for Payment Systems. Paper presented to the 17th SEANZA Central Banking Course. Sydney, October-November 1988. 12
Marsden, J. The Australian payment System Today. Conference on the Payment System: Access and Control. Terrigal, NSW, August 1989.
. Procter, C.C. Payment Systems: Some Issues from the Consumer Perspective. Reserve Bank of Australia Bulletin, June 1991.
Reserve Bank of Australia. Payment Systems Developments in Australia. Reserve Bank of Australia Bulletin. July 1988.
Slattery, T. Moving Towards Non-Paper-Based Transactions. Conference on the Payment System: Access and Control. Terrigal, NSW, August 1989.
. Takac, "P.F. EFTPOS inAustralia. Royal Melbourne Institute of Technology. Melbourne 1987.
Thompson, G.J. How Open Should the Payment System Be? Conference on the Payment System: Access and Contral. Terrigal, NSW, August 1989. Reprinted in Reserve Bank of Australia Bulletin, September 1989.
Tyree, AL. Electronic Funds Transfer Systems - Consumer Issues. Australian Payment Systems Council, Sydney, November 1985.
Working Group Examining the Rights and Obligations of the Users and Providers of Electronic Funds Transfers Systems. Australian Government Publishing Service. Canberra 1985, 1986 and 1989.
3 Other institutions in Australia that publish material on payments instruments and payment systems
Australian Payment Systems Council
4 Main statistical source
Australian Payment Systems Council
AUSTRIA
1 Publications describing the payment system in Austria
Group of Thirty. Clearance and Settlement Project; Austria: Year-End 1990 Status Report.
Habacht, R. Zur Bedeutung der Zunahme des elektronischen Zahlungsverkehrs fur Zentralbanken (Evolving payment systems and the role of cantral banks). Österreichisches Bank-Archiv, pp. 548-556, No. 5, 1988.
Handler, H. and Mooslechner, P. Zahlungsverkehr in Österreich, gefördert vom Jubiläumsfonds der Oesterreichischen Nationalbank, Wien, 1991. (Payment systems in Austria, study sponsored by Austrian National Bank, forthcoming). r 13
2 Other
Bekemeier, H. Elektronischer Individual-Uberweisungsverkehr (EZU) mit Schriften-Lese System. Betriebswirtschaftliche Blätter, VoI. 36, No. 7, 1987.
GrOnwald, A. Das klassische Zahlungsmittel Scheck im Zeitalter der Elektronik. Österreichisches Bank-Archiv. No. 8, 1987.
Habacht, R. Zur bedeutung der Zunahme des elektronischen Zahlungsverkehr fOr Zentralbanken. Österreichisches Bank-Archiv. No. 5, 1988.
Habacht, R. Elektronische Zahlungsverkehr in Österreich - Potentielle Implikationen fUr ,,'. "die'Währungspolitik'der Oesterreichischen Nationalbank (Payment systems in Austria - Implications for the monetary policy of the Austrian National Bank). Wirtschaftsuniversität Wien. Dissertation, Wien 1987.
Hoffmann, H. OeNEZ und elektronische Bankenkommunikation. Oesterreichischen Nationalbank, Berichten und Studien, No. 1-2, 1990. (OeNEZ and computerised bank communication, Austrian National Bank, Reports and Summaries, 1990)
Judt, Ewald. Zahlungsverkehr - eine LiteraturObersicht, Teil 1. Österreichisches Bank Archiv. VoI. 35, No. 6, Juni 1987.
Judt, Ewald. Zahlungsverkehr - eine LiteraturObersicht, Teilll. Österreichisches Bank Archiv. VoI. 35, No. 7, Juli 1987.
Jueterbock, D. Zehn Jahre S.W.I.F.T.-Netzwerk - ein Meilenstein der Automation? Die Bank, No. 5, 1988.
Jueterbock, D. S.W.I.F.T. II fUr die 90er Jahre. Die Bank, No. 6, 1988.
Kircher, W. Vergleich ausgewählter nationaler Zahlungverkehrssysteme. Wirtschaftsuniversität Wien. Diplomarbeit, Wien 1989.
Mai, V. Erfarungsbericht Ober den Einsatz eines Schriften-Lese-Systems. Betriebswirtschaftliche Blätter, VoI. 36, No. 7, 1987.
Rimpfl, S. Aktuelle Entwicklungen und Entwicklungstendenzen im Österreichischen Zahlungsverkehr. Wirtschaftsuniversität Wien. Diplomarbeit, Wien 1989.
Schneider, F. Bargeldhaltung. Schriftenreihe des Österreichischen Forschungsinstituts fUr Sparkassenwesen. No. 1, 1990.
3 Other institutions in Austria that publish material on payment instruments and payment systems
Österreichisches Institut fUr Wirtschaftforschung (Austrian Institute of Economic Research) Postfach 91 A-1103 Wien
4 Main statistical source
Statistische Monatshefte der Oesterreichischen Nationalbank. (Austrian National Bank, Monthly Statistics) r 14
BELGIUM
1 Publicationsdescribing the payment system in Belgium
Association Belge des Banques. Les systemes de paiement en Belgique (46 pp). Bruxelles, 1985.
Association Belge des Banques. Le C.E.C. - Continu: principes de tonctionnement (26 pp). Bruxelles, 1985.
Centre tor the Exchange of Operations to be Cleared tor the Belgian Financial System. C.E.C. (31 pp). Brussels, 1989.
Bank for International Settlements: Payment Systems in Eleven Developed Countries. Basle, April 1989.
Bank tor International Settlements: Large-Value Funds Transfer Systems in the Group of Ten Countries. Basle, May 1990.
Group of Thirty. Clearance and Settlement Project; Belgium: Year-End 1990 Status Report.
2 Other
Association Belge des Banques. Protection des transferts electroniques de fonds: le systeme TRASEC (26 pp). Bruxelles, 1987.
Association Belge des Banques. La carte a microcicuit: ses particularites et son avenir (29 pp). Bruxelles, 1988.
Association Belge des Banques. La banque et les telecommunications (33 pp). Bruxelles, 1989.
Barbe, H.J. Cheque Truncation in Balgium. National Bank of Belgium. Paper presented tor the International Symposium on Banking and Payment Services, Washington, May 20, 1985.
Centre d'Echange d'Operations a Compenser du Systeme Financier 8elge. Status de I'AS.B.L. (9 pp). Bruxelles, 1988.
Centre d'Echange d'Operations a Compenser du Systeme Financier Belge. 15 ans (20 pp). Bruxelles, 1989.
Centre d'Echange d'Operations a Compenser du Systeme Financier Belge. La telecommunication au C.E.C. (32 pp). Bruxelles, 1990.
Centre d'Echange d'Operations a Compenser du Systeme Financier Belge. Rapport sur les operations de I'annee 1989 (25 pp). Bruxelles, 1990.
Chambre de Compensation. Status et Reglement (92 pp). Bruxelles, 1990.
Chambres de Compensation Aupres de la Banque Nationale de Belgique. Rapport sur les operations de I'annee 1989 (42 pp). Bruxelles, 1990. 15
Comission des Communautes Europeennes. Les paiements dans le marche interieur europeen (21 pp + 10 annexes). Bruxelles, 1990.
Dombrecht,M. Determinanten van de vraag naar bankbiljetten (Determinants of the demand for banknotes). Working Paper. Nationale Bank van Belgie, 1989.
Droogenbroeck, J. van, Considerations about the denominational distribution in the Belgian banknote circulation. Working Paper. National Bank of Belgium, 1988.
Temmerman, G. Comparing denomination structures. National Bank of ·Belgium. Study presented at the meeting of the BPC study group on "Trends in national economies and in payment systems and their effect on note circulation and -demand"in London, 9-10 July 1990.
Troberg, Peter. Integration of EEC Payments Systems: European Commission Initiatives. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca d'ltalia. Rome 1991.
Van Petegem, Antoon. Cross-Border Payments Services in Europe: A View from the Corporate Sector. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in The Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
3 Other institutions in Belgium that publish material on payment instruments and payment systems
Association Belge des Banques rue' Ravenstein 36 Bte 5 1000 BRUXELLES
4 Main statistical sources
Banque Nationale de Belgique CEC Chambre de compensation boulevard de Berlaimont 5 1000 BRUXELLES
Bank for International Settlements: Payment Systems in Eleven Developed Countries. Basle, April 1989.
Bank for International Settlements: Statistics on Payment Systems in Eleven Developed Countries. Basle, December 1989 and 1990. r 16
CANADA
1 Publications describing the payment 'system in Canada
Bank for International Settlements: Payment Systems in Eleven Developed Countries. Basle, April 1989.
Bank for International Settlements: Large-Value Funds Transfer Systems in the Group of Ten Countries. Basle, May 1990.
Group of Thirty. Clearance and Settlement Project; Canada: Year-End 1990 Status Report.
2 Other
Bank of Canada. Implementation of Monetary Policy in the Absence of Reserve Requirements. Discussion Paper No. 1, 30 September 1987.
Bank of Canada. Implementation of Monetary Policy in a System with Zero Reserve Requirements. Discussion Paper No. 2, 2 February 1989.
Bank of Canada. Implementation of Monetary Policy in a System with Zero Reserve Requirements. Discussion Paper No. 3, 1 May 1991. Bank of Canada Review, May 1991.
Bartel, Henry and Arbuckle, Gavin. Electronic Banking in Canada and the United States. Montreal, Quebec. Gamma Institute Press, 1987.
Canadian Payment Assosiation. The Fundamental Elements of EFT/POS: Revised and Recommended Version. September 23, 1988.
Canadian Payment Assosiation. Standard 021: Standards and Guidelines Applicable to Electronic Funds Transfer at the Point of Sale (EFT/POS). March 21, 1990.
Canadian Payment Assosiation. Standard 022: Standard for Financial Transaction Cards; Data Content of Magnetic Stripe - Track 2. September 20, 1989.
Chebat, Jean-Charles and Laroche, Michel. A cross-cultural comparison of attitudes towards and usage of credit cards. International Journai of Bank Marketing, VoI. 6, no. 4, 1988.
Cloutier, P. A banknote model with agency and denomination dimensions. Working Paper. Bank of Canada. 1986.
Crow, John W. Clearing and settlement of financial transactions: A perspective from the Bank of Canada. Bank of Canada Review, November 1990.
Dingle, James F. Technical Note: Introduction of Retroactive Settlement for the Daily Clearing of Cheques and Other Payment Items. Bank of Canada Review, August 1986.
Freedman, Charles. Regulatory, monetary and legal issues of evolving clearing and payments systems. Bank of Canada Review, August,. 1989. r 17
Lederman, L.T. The Canadian National Payment System and the Canadian Payment Association. Paper presented at the seminar on Money and Electronic Banking: The Law of Payments and Clearing. Toronto, 1988.
Leishman, W. The Canadian Cheque Clearing System. Forum, The Canadian Payment Association, Septem ber 1987.
Lindwall, Eric J. Canada-Wide Large Value Transfer System, Part 1. Canadian Payments Association, Forum, VoI. 4, No. 4. December 1988.
Lindwall, Eric J. Canada-Wide Large Value Transfer System, Part II. Canadian Payments Association, Forum, VoI. 6, No. 1. March 1989.
Longworth, David. Optimal Behaviour of Oireet Clearers in a World with 2ero Reserve Requirements. Paper prepared for the Annual Meetings of the Canadian Economics Association, Quebec City, June 1989.
Longworth, David and Muller, Patrice. Implementation of Monetary Policy in Canada with Same-Day Settlement: Issues and alternatives. Bank of Canada. Working Paper 91-3. August 1991.
Marshall, Judith J. and Heslop, Louise A. Technology Acceptance in Canadian retail banking: a study of consumer motivations and use of ATMs. International Journai of Bank Marketing, VoI. 6, no. 4, 1988.
Vachon, Serge. The Canadian Payments Assosiation. Excerpt from remarks by Serge Vachon, Chairman of the Canadian Payments Assosiation and Adviser at the Bank of Canada, to the Canadian Payment System Conference, Montreal, 15 April 1985. Bank of Canada Review, May 1985.
Vachon, Serge. Evolution 1987. Opening remarks to the Canadian Payment System Conference held on 21-22 September 1987. Bank of Canada Review, October 1987.
Vachon, Serge. Remarks by Serge Vachon, Chairman, Canadian Payment Assosiation to the Trust Companies Assosiation of Canada, 8 May 1990, Ottawa. Bank of Canada Review, August 1990.
Valcin, Y. Consumer Issues in Electronic Banking: A Policy Action for Canada. Paper presented at the seminar on Money and Electronic Banking: The Law of Payments and Clearing. Toronto, 1988.
3 Other institutions in Canada that publish material on payment instruments and payment systems
Canadian Payment Assosiation.
Reports and comments on Candian payment system developments:
- Canadian Banker & ICB Review. Bi-monthly magazine of the Canadian Banker's Association.
- Forum. Quarterly newsletter of the Canadian Payment Association. 18
4 Main statistical sources
Canadian Payment Assosiation.
Bank for International Settlements: Payment Systems in Eleven Developed Countries, Basle, April 1989.
Bank for International Settlements: Statistics on Payment Systems in Eleven Developed Countries. Basle, December 1989 and 1990.
.ODENMARK
1 Publications describing the payment system in Denmark
Group of Thirty. Clearance and Settlement Project; Denmark, Year-End 1990 Status Report.
National Bank of Denmark. The Payment Systems in Denmark. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective af European Monetary Unification. Banca D'ltalia. Rome 1991.
2 Other
Danm0nt NS. Report describing the general outlines of a commercially viable general purpose prepaid petty cash-card system - Danm0nt. Copenhagen, June 1990.
Jensen, Henning N. Dancoin - The replacement of coins with IC-cards. Danish Payment Systems Ltd. 1991.
3 Other institutions in Denmark that publish material on payment instruments and payment systems .
Danish Bankers Association
4 Main statistical sources
Danish Bankers Association Bankernes Hus 7, Amaliegade DK-1256 Copenhagen K Tel. + 45 - 33 12 02 00 Fax. + 45 - 33 93 02 60
Forbrukerstyrelsen (payment cards) (Consumer Board) Bredgade 31 P.O. Box 2166 DK-1 016 Copenhagen K Tel. + 45 - 33 13 87 11 Fax. + 45 - 33 93 96 98
Pengeinstitutternes Betalningssystemer (PBS) r 19
FINLAND
1 Publications desribing the payment system in Finland
Malkamäki, Markku. Payment systems in Finland. Bank of Finland Bulletin, September 1991.
Vehkamäki, Erkki. Helsinki Money Market Center. Bank of Finland Bulletin, September 1991.
Group of Thirty, Clearance and Settlement Project; Finland: Year-End 1990 Status Report.
Helsingin Rahamarkkinakeskus Oy (HRMK). Rahamarkkinakeskuksen toimintamalli (Helsinki Money Market Center Ltd (HMMC) Operating model of the Money Market Center). Helsinki 1990.
2 Other
Autio, Johanna. Maksu- ja luottokortit Suomessa. Kotitalous- ja kuluttaja-asiain tutkimuskeskus. Julkaisuja 2/1987. (Charge and credit cards in Finland, in Finnish (Summary in English). The Research Centre for Household and Consumer Matters 2/1987).
Bank of Finland. Financial Markets in Finland. Bank of Finland Bulletin. Special Issue 1991.
Bingham, T.R.G. The foreign exchange market: structure, intervention and liquidity. The Research Institute of Finnish Economy. Discussion Papers, No. 366. Helsinki 1991.
Eklund, JarL, Harju, Ilkka and Lahti, Ari. Options and Futures Markets in Finland and Sweden: A Survey. Finnish Options Market, Exchange and Clearing House, Report No. 1, 25.5.1990.
Halonen, Ulla. Maksutapatutkimus (Research of payment methods. The Finnish Bankers' Association). Suomen Pankkiyhdistys, No. 1, 21.6. 1988.
Hasko, Harri. Päivän sisäiset luotot ja maksujärjestelmäriski, sekä: Swiss Interbank Clearing (SIC) - Sveitsin elektroninen maksujärjestelmä. Suomen Pankki, Rahoitusmarkkinaosasto, Työpaperi 7/91, Helsinki 19.12.1991.
Jaakonmäki, Marjaleena. Selvitys pankkipalveluhinnoista pääkaupunkiseudulla - kuluttajan näkökulmasta. Suomen Kuluttajaliitto, 1991.
Johnson, Leslie T. Future Developments and Structural Changes in Retail Banking in Europe: Some Implications for Bank Regulators. Bank of Finland. Discussion Papers, No. 25/90. Helsinki, 14.12.1990.
Kokkola, Tom. Kontantpenningefterfrågan, betalningsmedel och teknisk utveckling (Demand for cash, payment instruments and technological development, in Swedish). Bank of Finland. Discussion Papers, No. 10/90. Helsinki, 8.6.1990.
Kontulainen, Jarmo. The Money and Interbank markets in Finland. Bank of Finland Bulletin, March 1990. 20
Koulu, Risto. Tilimaksun saajan suojasta (The protection of an payee in payments over a bank account, Summary in english).
Kuusisaari, Harri. Maksujärjestelmät ja keskuspankkirahoitus G-10 maissa. Suomen Pankki, Rahoitusmarkkinaosasto, Työpaperi 1/92, Helsinki·1 0.1.1992. l
Kuusisaari Harri. . Maksujärjestelmien netotusmenettelyt ja niiden hyväksikäyttö. Suomen Pankki, Rahoitusmarkkinaosasto, Työpaperi 2/92, Helsinki 1992.
Lahdenperä, Harri., Leppänen, Ossi and Suvanto, Antti. Elektroniset maksujärjestelmät ja keskuspankkipolitiikka (Electronic Payment Systems and Central Bank Policy). Bank of Finland, Central Bank Policy Dept., Working Paper 14/91. Helsinki 21.10.1991.
Lempinen, Urho and Lilja, Reija. Keskuspankki kehittyvässä maksujärjestelmässä (The Central Bank in a Changing Payment System). Bank of Finland, series A:69. Helsinki 1988.
Lempinen, Urho and Lilja, Reija. Payment Systems and the Central Bank. Bank of Finland, series D:70. Helsinki 1989.
Liikenneministeriö. Joukkoliikenteen maksuvälinetekniikan kehittyminen Suomessa. (Ministery of Transport: Payment media developments in Finnish publie transport). Liikenneministeriön julkaisuja 16/90, Helsinki 1990.
Liiketaloustieteellinen tutkimuslaitos. Pankkipalveluiden kustannusvastaavuus: Laskentaperusteet ja toteutuminen (Costcorrespondence in bank services: Accounting methods and results. The Helsinki Research Institute for Business Economics, Series B:52). LTT, Sarja B:52, Helsinki 1989.
Lilja, Reija and Lempinen, Urho. The Finnish Payment System: An International Comparison. Bank of Finland Monthly Bulletin, April 1987.
Malkamäki, Markku. Keskuspankkien rooli kansainvälistyvissä maksujärjestelmissä (The Role of Central Banks in Increasingly International Payment Systems). Bank of Finland, Discussion Papers, No. 20/91, 14.10.1991.
Malkamäki, Markku and Tanila, Kirsti. Elektronisten maksu- ja informaatiojärjestelmien kehitys ja maksutapamuutokset (Developments in electronic payment and information systems and changes in payment methods). Bank of Finland, Discussion Papers, No. 22/90. Helsinki, 12.10.1990.
Suominen, Matti and Tarkka, Juha. Trends in the demand for and pricing of banking services in Finland. Bank of Finland Bulletin, VoI. 65, No. 10, October 1991.
Suvanto, Antti. Valuuttamarkkinat Suomessa ja muualla. Kansallis-Osake-Pankki, Taloudellinen Katsaus 3/1990.
Tanila, Kirsti. Keskuspankin asema maksujärjestelmissä ja maksuliikkeeseen liittyvissä instituutioissa eri maissa. Suomen Pankki, Rahoitusmarkkinaosasto, Työpaperi 1/92, Helsinki 10.1.1992.
Tarkka, Juha. Competitive Deposit Rates and Bank Service Charges. Bank of Finland, Discussion Papers, No. 26/89. Helsinki 23.8.19?~.
The Finnish Bankers' Association. Maksukortit ja niiden käyttäminen (Payment cards and their use, in Finnish). Helsinki, 1991. 21
The Finnish Bankers' Association. Payment systems and banking technology in Finland 1986-1990. Helsinki, 1991.
Viren,· Matti. Recent Trends in the Use of Cash in Transactions. Bank of Finland Bulletin. October 1989.
Viren, Matti. Financial Innovation and Currecy Demand: Some New Evidence. University of Turku, Department of Economics. Research Reports, No. 8, July 1991. (Forthcomming in Empirical Economics)
3 Otherinstitutions in Finland that publish material on payment instruments and payment systems
Finnish Bankers' Association Kansakoulukatu 1 A SF-00120 Helsinki Tel. +358-0-6948422 Fax. +358-0-6947844
4 Main statistical sources
Finnish Bankers' Assosiation Kansakoulukatu 4 A SF-00170 Helsinki Tel. +358-0-6948422 Fax. +358-0-6947844
Central Statistical Office of Finland Annankatu 44 SF-00100 Helsinki Tel. +358-0-17341 Fax. +358-0-17342279
FRANCE
1 Publications describing the payment system in France
Bank for International Settlements: Payment Systems in Eleven Developed Countries. Basle, April 1989.
Bank for International Settlements: Large-Value Funds Transfers in the Group of Ten Countries. Basle, May 1990.
Group of Thirty. Clearance and Settlement Project; France: Year-End 1990 Status Report. r 22
2 Other
Aglietta, M and Brender, A. Globalisation Financiere et Risque de Systeme. Banque de France, Cahiers Economiques et Monetaires, No. 37, pp. 37-71. 1990.
Banque de France. Situation actuelle et evolution previsible des reglements scripturaux et des circuits d'echange (The actual situation and forseeable evolution of regulations and the paths of exchange). Banque de France, Bulletin Trimestriel, Septembre 1987.
Banque de France. Instruments de politique monetaire (Monetary policy instruments). Dossiers Economiques et Monetaires sur l'Etranger, No. 1. February 1989.
Banque de France. La carte prepayee multiprestataires. Banque de France, Bulletin Trimestriel, Juin 1991.
Banque de France, Service de l'lnformation. Le tratement des cheques bancaires (The clearing of checks in the banking system). Note d'lnformation No. 56, Juillet 1983.
Banque de France, Service de l'lnformation. ~a L.C.R. (Lettre de change-releve) (Bill of exchange documents). Note d'lnformation No. 57, Septembre 1983.
Banque de France, Service de l'lnformation. S.W.I.F.T. Reseau de teletransmission interbancaire international (S.W.I.F.T. - The international interbank transmission network). Note d'l nformation No. 61, Mars 1984.
Banque de France, Service de l'lnformation. S.A.G.I.T.T.A.I.R.E. Systeme interbancaire de reglement en francs par teletransmission (S.A.G.I.T.T.A.I.R.E. - The interbank transmission network for settlement in France). Note d'lnformation No. 63, Novembre 1984.
Banque de France, Service de l'lnformation. La commission bancaire (The Banking commission). Note d'lnformation No. 67, Fevrier 1986.
Banque de France, Service de l'lnformation. Le Regime de Prevention et de Repression de L'emission de cheques sans provision (A system to prevent the use of and to stop the emission of feeless checks). Note d'lnformation No. 68, Juin 1986.
Banque de France, Service de l'lnformation. L'ordinateur de compensation (Computerising the voucher-compensation system). Note d'lnformation No. 69, Decembre 1986.
Banque de France, Service de l'lnformation. Le systeme des reserves obligatoires (The mandatory reserve requirement system). Note d'lnformation No. 77, Avril1988.
Banque de France, Secretariat General. Annuaire statistique sur les moyens de paiement et circuits de recouvrement 1989 (Annual statistics on payment medias and payment systems).
Bouyala, Regis. La carte prechargee multiprestataires (The multipurpose prepaid card). Bancatique, Novembre 1990.
Chevalier, M. New payment systems and their effect on note circulation in France. Paper prepared for the Statistics and Banknote Handling Committee of the Banknote Printers' Conference meeting in Stockholm, April '1988. Bank of France, 1988. r 23
De Seze, Nicolas. Electronic Data Interchange Developments in Europe. In Passa cantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Hentsch, J.C. Oistribution de la monnaie fiduciare entre les coupures (The distribution of paper money by denominations). Journai de la Societe de Statisticue de Paris. No. 4, pp. 139-144. 1985.
de Larosiere, J. Managing Risk and Large-Value Transfers in France. Payment Systems Worldwide, Autumn 1990.
Lepicard, Jean Marie. Settlements in.Post 1992 Europe. Paper presented for the 1991 _. Bank'to Bank Business Conference forcorrespondent bankers.London, July 1991.
Perdrix, Michel. La position de la Banque de France face aux reseaux interbancaires (Bank of France's position towards the interbank network). Allocution dans le cadre de la reunion annuale des Presidents des banques de I'OCBF (Office de Coordination Bancaire et Financiere), novembre 1990 (speech at the annual meeting of OCBF-bank governors, november 1990).
Perdrix, Michel. Les reseaux interbancaires tiennent-ils leurs promesses? (00 the interbank networks keep their promises?). Allucation prononcee lors du seminaire organise par Technologies Bancaires Magazine le 18 decembre 1990 (speech at a seminair organised by the Banking Technology magazine, 18 december 1990).
Perdrix, Michel. Les forces de changement dans les systemes de paiement des pays europeens (Forces for change in EEC countries payment systems). Banque de France, Bulletin Trimestriel No. 77, January 1991.
Pedrix, Michael. Forces for Change in EEC Countries' Payments Systems. In Passa cantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
3 Other institutions in France that publish material on payment instruments and payment systems
l'Association Francaise des Banques
Conseil National de Credit
4 Main statistical sources
Banque de France, Centre de Liaison et d'lnformation sur les Moyens de Paiement (CUP): Les Moyensde paiement et circuits de recouvrement; Annuaire statistique.
Bank for International Settlements: Payment Systems in Eleven Developed Countries. Basle, April 1989.
Bank for International Settlements: Statistics on Payment Systems in Eleven Developed Countries. Basle, December 1989 and 1990.
l'Association Francaise des Banques
Conseil National de Credit r 24
GERMANY
1 -Publications "describing thepayment system in Germany
Bank for International Settlements: Payment Systems in Eleven Developed Countries. Basle, April 1989.
Bank for International Settlements: Large-Value Fund Transfer Systems in the Group of Ten Countries. Basle, May 1990.
Group of Thirty. Clearance and Settlement Project; Germany: Year-End 1990 Status "Report.
2 Other
Deutsche Bundesbank. The present state and future development of the automation of cashless payments at the Bundesbank. Monthly Report of the Deutsche Bundesbank, VoI. 37, No. 8. August 1985.
Deutsche Bundesbank. The Deutsche Bundesbank: its monetary policy instruments and funktions, 2nd ed., Deutsche Bundesbank Special Series, No. 7, Frankfurt/M. 1987.
Deutsche Bundesbank. Externe Spezifikation der Elektronischen Öffnung der Deutschen Bundesbank (External specifications of the electronic co unter of the Deutsche Bundesbank). Oktober 1990.
Deutsche Bundesbank. Payment media in foreign travel. Monthly Report of the Deutsche Bundesbank, VoI. 43, No. 7. July 1991.
Etzkorn, J. Rechtsfragen des Internationalen Elektronischen Zahlungsverkehrs durch S.W.I.F.T.. Walter de Gruyter, Berlin/New York, 1991.
Ewens, P. Electronic Banking: Vernetzung zwischen Kreditinstituten. In Biervert, B. und Dierkes, M. (ed.) Informations- und Kommunikationstechniken im Dienstleistungssektor: Rationalisierung oder neue Qualität. Weisbaden 1989.
Hartmann, Wendlin. Deutsche Bundesbank and payment system risk in the Federal Republic of Germany, Journai of I?ank Research. pp. 214-217. 1986.
Hartmann, Wendlin. Die Deutsche Bundesbank und die Risiken im unbaren Zahlungsverkehr in der BRD. Bank und Markt, No. 7, 1987.
Hartmann, Wendlin. The Unification of the East and West German Payment Systems. In passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca d'ltalia. Rome 1991.
Hörmann, Gunter. Foreign Exchange Payments in Europe from the Consumer's Viewpoint. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 19~1. 25
Klein, Martin and Neumann, Manfred J.M. Seigniorage: What is it and who gets it? Rheinische Friedrich-Wilhelms-Universtät Bonn, Sonderforschungsbereich 303, Discussion Paper No. B-124. Bonn, November 1989.
3 Other institutions in Germany that publish material on payment instruments and payment systems
GZS Gesellschaft fOr Zahlungssysteme mbH Postfach 110711 6000 Frankfurt am Main 1.
4 Main statistical sources
Bank for International Settlements: Payment Systems in Eleven Developed Countries. Basle, April 1989.
Bank for International Settlements: Statistics on Payment Systems in Eleven Developed Countries. Basle, December 1989 and 1990.
Deutsche Bundesbank: operating statistics and the banking statistics.
Federal Statistical Office
GREECE
1 Publications describing the payment system in Greece
Hellenic Banks' Assosiation. Nationallnterbank System Dias. 1988.
Bank af Greece. The Greek Payment System. In Passacantando, Franco (Ed.) Proceedings af the Workshop on Payment System Issues in the Perspective af European Monetary Unification. Banca D'ltalia. Rome 1991.
2 Other
Athens Clearing Office. Annual reports.
3 Other institutions in Greece that publish material on payment instruments and payment systems
Hellenic Banks' Assosiation.
Athens Clearing Office.
4 Main statistical sources
Hellenic Banks' Assosiation.
Athens Clearing Office. r 26
ICELAND
1 Publications describing the payment 'system in Iceland
- not available
2 Other
- not available
3 Other institutions in Iceland that publish material on payment instruments and payment systems
- not available
4 Main statisticalsource
Central Bank of Iceland
IRELAND
1 Publications describing the payment system in Ireland
Central Bank of Ireland. Payments, Clearings and Settlements in Ireland. In Passacantado, Franco (Ed.) Proceedings af the Workshop on Payment System Issues in the Prespective af European Monetary Unification. Banca D'ltalia. Rome 1991.
2 Other
Central Bank.of Ireland. The.Gilts Settlement Office. Central Bank of Ireland Quarterly Bulletin, Spring 1991
3 Other institutions in Ireland that publish material on payment instruments and payment systems
The Irish Bankers' Federation
4 Main statistical sources
Central Bank af I reland
The Irish Bankers' Federation Nassau House Nassau Street DubIin 2 27
ISRAEL
1 Publications discribing the payment system in Israel
- not available
Technical procedures are laid down in the Clearing House Regulations (available only in Hebrew).
2 Other
Goldin, Ephraim. Statistical Analysis of Coin Lost in Circulation. Journai of Business & Economic Statistics. VoI. 3, No. 1, pp. 36 - 42, January 1985,
Mansky, C.F. and Goldin, E. The denomination-speciffic demand for currency; the Israeli experience. In Heijmans, R.D.H. and Neudecker, H. (eds.) The Parctice of Econometrics, pp. 99 - 120, Dodrecht, Kluwer 1987.
Paroush, Jacob and Ruthenberg, David. Automated Teller Machines and the share of demand deposits in the money supply: The Israeli Experience. European Economic Review, pp. 1207 - 1215, December 1986.
Zilberfarb, Ben-Zion. The Effect of Automated Teller Machines on Demand Deposits: An Empirical Analysis. Journai of Financial Services Research. VoI. 2, No. 1, pp. 49 - 57. February 1989.
3 Other institutions in Israel that publish material on payment instruments and payments systems
- No
4 Main statistical sources
Bank of Israel, Banking Supervision Department, statistical unit
Clearing House Center Ltd.
ITALY
1 Publications describing the payment system in Italy
Banca d'ltalia. Libro Bianco sui sistemi di pagamento in Italia (White Paper on the Payment System in Italy). Roma 1987.
Banca d'ltalia. White Paper on the Payment System in Italy. Roma, April 1988.
Banca d'ltalia. II sitema dei pagamenti in Italia: progetti di intervento. Roma 1988. r 28
Banca d'ltalia. II sistema dei pagamenti italiano: progetti in corso e prospettive di sviluppo (Payment systems in Italy: started projects and lines of development). Roma 1990.
Banca d'ltalia. Relazione Annuale (chapter E). Roma 1990.
Banca d'ltalia. Economic Bulletins
Bank for International Settlements. Payment systems in eleven developed countries. Basle 1989.
Bank for International Settlements. Large-value Funds Transfer Systems in the Group of Ten Countries. Basle1990.
Group of Thirty. Clearance and Settlement Project; Italy, Year-End 1990 Status Report
Padoa-Schioppa, T. e Passacantando, F. II sistema dei pagamenti. In Cotula, Franco (ed.) La politica Monetaria in Italia (VoI. 1: Capitolo 5).
2 Other
Banca d'ltalia, SeNizio Segretariato. Principal features in the Italian payment system, with reference to the role of banknotes. Paper prepared for the Statistics and Banknote Handling Committee of the Banknote Printers' Conference, held in Stockholm, April1988.
Banca d'ltalia. Projects conserning the payment system: recent innovation. Bank of Italy Economic Bulletin. No. 9. pp. 57-62, Rome, October 1989.
Banca d'ltalia. Cheque Truncation. Bank of Italy Economic Bulletin. No. 12. Rome, February 1991
Barucci, P. I nuovi sistemi di pagamento (new payment systems). Bancaria. Rome, F ebruary 1987.
Ciampi, C.A., Dini, L. and Padoa-Schioppa, T. L'evoluzione del sistema dei pagamenti (development of the payment system). Banca d'ltalia Bolletino Economico. No. 8, pp. 29-50. Rome, February 1987.
De Mattia, Renato. The Forces at work in the Evolution of Payment Systems in the 1980s. Journai of Bank Research. Winter 1985.
Giannini, C. L'evoluzione del sistema dei pagamenti: una sintesi teoretica. Moneta e Credito. No. 162. Rome, June 1988.
Instituto Bancario San Paolo di Torino. Proposal for an ECU-linked Clearing System for Eastern and Central European Countries. Feasibility study proposal, final version. Instituto Bancario San Paolo di Torino, February 1992.
Padoa-Schioppa, Tommaso. The banking system and the payments system. Banca d'ltalia Economic Bulletin. No. 3. Rome, October 1986.
Padoa-Schioppa, Tommaso. Credit risks in payment systems: the role of central banks. Banca d'ltalia Economic Bulletin. No. 6. Rome, February 1988. r 29
Padoa-Schioppa, Tommaso. II sistema dei pagamenti internazionale: la funzione crea I'organo. Banca d'ltalia. Bolletino economico.
Padoa-Schioppa, Tommaso. Payment Systems: A New Ground for Cantral Bank Cooperation. Paper prepared for the International Symposium on Banking and Payment Services organised by the Board of Governors of the Federal Reserve System, Washington DC., June 1989.
Padoa-Schioppa, Tommaso. International Payment Systems: The Function Begets the Organ. Paper presented for the International Symposium on Banking and Payment Services organised by the Board of Governors of the Federal Reserve System, Washington DC., June 1989.
Padoa-Schioppa, Tommaso. Central Banks, Payment Systems and the Single Market. Bank of Italy Economic Bulletin. No. 12, pp. 86-93. Rome, February 1991.
Passacantando, Franco (Ed.). Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Passacantando, Franco. The Payment System in the Context of EMU. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Rambure, Dominique. The Use of Ecu as a Means of Payment. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
3 Other institutions in Italy that publish material on payment instruments and payment systems
Italian Banker's Assosiation (ABI)
The Italian Society for Automation (SIA)
4 Main statistical sources
Banca d'ltalia: Relazione Annuale The Italian Society for Automation (SIA)
Bank for International Settlements. Payment Systems in Eleven Developed Countries. Basle, April 1989.
Bank for International Settlements. Statistics on Payment Systems in Eleven Developed Countries. Basle, December 1989 and 1990. r 30
JAPAN
1 Publications describing the payment system in Japan
Bank of Japan. BOJ-NET - Its Role and Functions in the Japanese Payment System. Special Paper No. 200. March 1991.
Federation of Bankers Assosiations of Japan (Zenginkyo). Payment Systems in Japan. May 1990.
Shirakawa, Masaaki and Oritani, Yoshiharu. Japanese Tranfer Systems in the Era of Financial-Deregulationand Globalization." (The Bank of Japan Report No. 1) Bank of Japan. July 1989
Bank for International Settlements. Payment Systems in Eleven Developed Countries. Basle, April 1 989.
Bank for International Settlements. Large-Value Funds Transfer Systems in the Group of Ten Countries. Basle, May 1990.
Group of Thirty. Clearance and Settlement Project; Japan: Year-End 1990 Status Report.
2 Other
Bank of Japan. The Japanese Cash Payment System: synopsis. Working Paper. Research and Statistic Department, March 1990.
Bank of Japan. A Legal Study on Bilateral Netting in Japan. (In japanese), Kinkyu Kenkyu, February 1987, pp. 135-167.
Center for Financial Industry Information Systems (FISC). 1989 CMS (Cash Management SeNices) SUNey results, October 1989.
Center for Financial Industry Information Systems. Technological Innovation in Japanese Financiallnstitutions, September 1989.
Center for Financiallndustry Information Systems. Application Areas and Development Process of Expert Systems in Japanese Financiallnstitutions. July 1990.
Center for Financiallndustry Information Systems. EFT-POS in Japan. August 1990.
Center for Financial Industry Information Systems. Japanese Banks 1990.
Industrial Bank of Japan. Issues of and prospects for multi-purpose prepaid cards. Industrial Bank of Japan Finance and Industry Quarterly SUNey, No. 80, 4th quarter 1989.
Kamata, Sawaichiro. Managing Risk in Japanese Interbank Payment Systems. Federal ReseNe Bank of Richmond Economic Review. Fall 1990.
Kamata, Sawaichiro. Measuring "Herstatt Risk". Bank of Japan Monetary and Economic Studies, Voi. 8, No. 2. September 1990.
Kawarsoe, Sutasli. Finality in the Payment Systems. Bank of Japan, Working Paper, December 1988. 31
Kuroda, Iwao. Systemic Risk Reduction Measures. Bank of Japan. March 1990.
Mooney, Charles W., Jr. Transfer, Pledge, Clearance and Settlement in the Japanese and . United States Government Sequrites Markets. Bank of Japan Monetary and Economic Studies. VoI. 9, No. 1, March 1991.
Oritani, Yoshiharu. Japanese Payment and Transfer Systems: Today and Tomorrow. Payment Systems Worldwide, Autumn 1990.
3 Other Institutions in Japan that publish material on payment instruments and payment systems
The Federation of Bankers Associations of Japan (Zenginkyo)
The Center for Finaciallndustry Informations Systems.
4 Main statistical sources
Bank for International Settlements. Payment Systems in Eleven Developed Countries. Basle, April 1989.
Bank for International Settlements. Statistics on Payment Systems in Eleven Developed Countries. Basle, December 1989 and 1990.
LUXEMBOURG
1 Publications describing the payment system in Luxembourg
Institut Monetaire Luxembourgeois. The Payments Systems in Luxembourg. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
2 Other
- not available
3 Other institutions in Luxembourg that publish material on payment instruments and payment systems
- not available
4 Main statistical source
- not available 32
NEW ZEALAND
1···Publications describing the payment system in New Zealand
Group of Thirty. Clearance and Settlement Project; New Zealand: Year-End 1990 Status Report.
2 Other
Dotsey, Michael. Monetary Policy and Operating Procedures in New Zealand. Federal Resetve Bank of Richmond, Economic Review, VoI. 77, No. 5. September/October 1991.
Weston, Rae. Preventing credit card fraud. Bankers' Institute of New Zealand Bankers Review, Vo1.6, No. 4, May 1987.
3 Other Institutions in New Zealand that publish material on payment instruments and payment systems
- not available
4 Main statistical source
- no publicly supplied statistics
NETHERLAND
1 Publications describing the payment system in Netherland
Bank for International Settlements: Payment systems in eleven developed countries. Basle. April 1989.
Bank for International Settlements: Large-value Fund Transfer Systems in the Group of Ten Countries. Basle. May 1990.
Boeschoten, W.C. and Fase, M.M.G. The Volume of Payments and the Informal Economy in the Netherland 1965-1982. De Nederlandsche Bank. Monetary Monographs No. 1. Dordrecht 1984.
Group of Thirty. Clearance and Settlement Project; Netherlands: Year-End 1990 Status Report. r 33
2 Other
Boeschoten, W.C. In search of an efficient interbank settlement system. De . Nederlandsche Bank NV, paper presented at EUROBANKING 1989, Heemskerk, 23-26 May 1989.
Boeschoten, W;-C. The use of means of payments. De N"ederlandsche Bank, Research Memorandum WO&E 9005. 1990.
Boeschoten, W.C. National trends in payment systems and the demand for currency and banknotes. De Nederlandsche Bank, Research Memoranda WO&E 9108. March 1991.
Boeschoten, W.C. and Fase, M.M.G. The way we pay with money. Journai of Business & Economic Statistics. VoI. 7, pp. 3191-3206. July 1989.
Boeschoten, W.C. and Fase, M.M.G. The demand for large banknotes. De Nederlandsche Bank, Research Memoranda WO&E 9106. 1991.
Braak, L. ter. Cross-border Movements of Netherlands Banknotes. De Netherlandsche Bank, Quarterly BulIetin 3/1991, December 1991.
Cramer, J.S. The volume of transactions and the circulation of money in the United States, 1950-1979. Jornal of Business & Economic Statistics. VoI. 4, No. 2. April 1986.
Cramer, J.S. Cash payments of households and their suppliers. De Nederlandsche Bank NV, Quarterly Bulletin. 1988/1.
Cramer, J.S. The length of the cash loop for currency withdrawals by private households. University of Amsterdam. Paper prepared for the third congress of the European Economic Association, Bologna, 27-29 August 1988.
Fase, M.M.G. De toekomst van het bankbiljet (The fufture of the banknote). in Fase, M.M.G., Steinhauser, J.R. and de Vries, J. (eds) Het Nederlandsche bankbiljet in zijn verscheidenheid. pp. 195-215. Kluwer. Deventer. 1986.
Fase, M.M.G. and Boeschoten W.C. The distribution of payments and the use of bank notes. De Nederlandsche Bank NV, Quarterly Bulletin. 1985/3.
Huijser, AP .. Giraal betalen is niet gratis (paying by giro is not for free). Economisch Statistische Berichten 71, nr 3576, pp. 986-989. (1986).
Knoop, H.S. van der and Hooijmans, F.C. A multivariate intervention model for the Dutch Mint circulation: estimation and Monte Carlo simulation. Journai of Business & Economic Statistics. VoI. 7, No. 2 pp. 179-189. 1989.
Koeze, P. A new technical criterion for the note-coin boundary. Paper prepared for the Banknote Printers' Conference held in Stockholm, April 1988. De Nederlandsche Bank NV. Amsterdam 1988.
Ministery of Finance. Notitie inzake het elektronische batalingsverkeer in Nederland. The Hague, November 1988. 34
3 Other institutions in Netherland that publish material on payment instruments and payment systems
SankGiroCentrale
The Dutch Sankers' Association
4 Main statistical sources
De Nederlandsche Sank NV.
-SankGiroCentrale:· Annualreport (in Dutch).
Sank for International Settlements. Payment Systems in Eleven Developed Countries. Sasle, April 1989.
Sank for International Settlements. Statistics on Payment Systems in Eleven Developed Countries. Sasle, December 1989 and 1990.
NO RWAY
1 Publications describing the payment system in Norway
Group of Thirty. Clearance and Settlement Project; Norway: Year-End 1990 Status Report.
Norges Sank. Arsrapport for Setalningsformidling 1987 - 1990 (Annual reports on the payment system)
2 Other
Sergo, Knut. Oppgj0r og rettsvern i verdipapirsentralen: Scsrlig om fondsmeglerens rettsvern overfor sluttkunden. NORAS (The Norwegian Research Council for Applied Social Science) Det nye pengesamfunnet: Research on Sanking, Capital and Society, Rapport nr 24, 1991.
Fidjest01, Asbj0rn. Utviklingen av elektroniske kortbaserte betalningssystemer i Norge. Norges Sank, Penger og Kreditt, No. 1, 1987.
Fidjest0l, Asbj0rn, Flatraaker, Dag-Inge and Vogt, Carl Jacob. Kostnader i betalingsformidlingen (Costs in the payment system). Norges Sank. Penger og Kreditt 1989/3
Fidjest01, Asbj0rn, Flatraaker, Dag-Inge and Vogt, Carl Jacob. Inntekter, kostnader og prissetting i betalingsformidlingen (Revenues, costs and pricing in the payment system). Norges Sank. Penger og Kreditt 1989/4 35
Jacobsen, Eivind. Kort vei til å miste kontrollen? - om forbrukernes kontroll med utgifter og utgiftsnivå ved bruk av elektroniske uttaks- og betalingskort. NORAS (The Norwegian Research Council for Applied Social Science) Det nye pengesamfunnet:· Research on Banking, Capital and Society, Rapport nr 23, 1991.
Norges Bank. Utviklingstrekk i betalingsformidlingen i Norge og Norden. Norges Bank, Penger og Kreditt, No. 3/91
Norges Bank. Samordning av postgiros og bankenes giroformidling. Norges Bank, Penger og Kreditt, No. 3/91
. ·-Riisncss, Rolf (Ed.)- 'Elektronisk betalningformidling oc forbrukerintresser 1. Rapport från den Nordiske konferansen 1990. CompLex 5/90, Tano, Oslo 1990.
Riisncss, Rolf (Ed.) Elektronisk betalningformidling oc forbrukerintresser II. Rapport från den Nordiske konferansen 1990. CompLex 5/91, Tano, Oslo 1991.
Solheim, Jon A. Betalingsformidlingen i Norge - den aktuelle situasjon og utviklingstendenser (The payment system in Norway - actual situation and development tendensis). Bergen Banks kvartalsskrift (Bergen Bank quarterly review) No. 2, 1988.
Torvund, Olav. Rettslige rammevilkår for betalningsformidling. NORAS (The Norwegian Research Council for Applied Social Science) Det nye pengesamfunnet: Research on Banking, Capital and Society, Rapport nr 18, 1991.
3 Other .institutions in Norway that publish material on payment instruments and payment systems
Bankernas Betalingssentral Haavard Martinsens vei 54 0978 OSLO 9 Norway Telephone +47-2-898989
Fellesdata NS Nedre Sk0yen vei 26 0275 OSLO 2 Norway Telephone +47-2-528080
Den norske Bankforening Dronning Maudsgt. 15 0250 OSLO 2 Norway Telephone +47-2-833160
Postgirokontoret Biskop Gunnerusgt. 14 0020 Sentrum OSLO Norway Telephone +47-2-409055 36
Sparbankforeningen i Norge Universitetsgt. 8 0164 OSLO 1 Norway Telephone +47-2-110075
4 Main statistical source
Ärsrapport for Betalingsformidling (Annual report on the payment system). Norges Bank.
PORTUGAL
1 Publications describing the payment system in Portugal
Sequeira, Americo and Ramalho, Jose. The Portuguese payment system. Bank of Portugal. November 1990.
Bank of Portugal. The Portuguese Payment System. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
2 Other
Aguiar, AL. (Ed.) 0 dinheiro de plastico (Plastic money). Rei dos Iivros, Lisboa, 1990.
Banco de Portugal. Annual Reports (Part 1)
Borges, J.M. (Ed.) Cheques, traveller's cheques e cart6es de credito -quest6es civeis e penais, legislagäo e formulario (Legal issues on cheques, traveller's cheques and credit cards). Rei dos Iivros. Lisboa. 1984.
. Gomes do Carmo, Fernando. Portuguese Payment System Position. ECPS, Lisbon, November 1989.
Nabais, J. Transferencias electr6nicas de fundos -problemas jurfdicos (Legal issues on electronic fund transfers), in Revista da Banca. Lisboa. April 1987.
N6voa, S., Seia, A et al. Cheque: responsabilidade do banco sacado -ac6rdäo de 5 de Abril de 1990 (Legal issues on cheques), in Colectanea de jurisprudencia. Coimbra. 1990.
Ramalho, Jose and Sequeira, Americo. Seminario da Banca de Italia sobre sistemas de pagamentos na perspectiva da Uniäo Econ6mica e Monetaria (Banca d'ltalia seminar on payment system issues in the perspective of European Monetary Union). Bank of Portugal. December 1990.
Raposo, A Alguns aspectos jurfdicos dos pagamentos atraves das caixas automaticas: responsabilidade civil e prova (Some legal aspects on payments through ATM's), in Boletim do Ministerio da Justica. Lisboa. June'1988. r 37
Reis, J.A. Os correios e a prestagäo de servigos financeiros (The Post Office and the provision af financial services), in Dinhero. Lisboa. February 1986.
Ribeiro, M., -Napoles,M. et al. Cheques: pagamento, prazo, responsabilidade civil, prescrigäo (Leagal issues on cheques), in Colectanea de jurisprudencia. Coimbra. 1990.
3 Otherinstitutions in Portugal that publish material on payment instruments and payment systems
80ciedade Interbancaria de 8ervigos (8IB8): ATM network, P08 service, automatic bill payment, etc.
UNICRE: credit card systems
Associagäo Portuguesa de Bancos (APB)
4 Main statistical sources
80ciedade Interbancaria de 8ervigos (8IB8): ATM network, ~08 service, automatic bill paym ent, etc.
UNICRE: credit card systems
Associagäo Portuguesa de Bancos (APB)
SPAIN
1 Publications describing the payment system in Spain
Bank af 8pain. The Spanish Payment 8ystem. In Passacantando, Franco (Ed.) Proceedings af the Workshop on Paym.ent 8ystem Issues in the Perspective af European Monetary Unification. Banca D'ltalia. Rome 1991.
Group af Thirty. Clearance and Settlement Project; 8pain: Year- End 1990 8tatus Report.
2 Other
- not available
3 Other institutions in Spain that publish material on payment instruments and payment systems
- not available
4 Main statistical sources
- not available 38
SWEDEN
1 Publications describing the payment system in Sweden
Bank for International Settlements: Payment Systems in Eleven Developed Countries. Basle, April 1989.
Bank for International Settlements: Large-Value Fund Transfer Systems in the Group of Ten Countries. Basle, May 1990.
Group of Thirty. Clearance and Settlement Project; Sweden: Year-End 1990 Status ··Report
2 Other
Bergendahl, Göran. Pricing Strategies in Banks. Institute of European Finance. University College of North Wales, Research Papers in Banking and Finance, RP 87/20. Bangor, 1987.
Lindblom, Ted. Pricing Strategies on Payment Services. Institute of European Finance. University College of North Wales, Research papers in banking and finance, RP 90/016. Bangor, 1990.
Lindblom, Ted. Pricing and Cost Structures. Institute of European Finance. University College of North Wales, Research Papers in Banking and Finance, RP 91/18. Bangor, 1991.
3 Other Institutions in Sweden that publish material on payment nstruments and payment systems
Swedish Bankers' Association
4 Main statistical sources
Bank for International Settlements: Payment Systems in Eleven Developed Countries. Basle, April 1989.
Bank for International Settlements: Statistics on Payment Systems in Eleven Developed Countries. Basle, December 1989 and 1990.
Swedish Bankers' Association r 39
SWITZERLAND
1 Publications describing the payment system in Switzerland
Lehmann, G.D. Zahlungsverkehr der Banken. Verlag des Schweizerischen Kaufmännischen Verbandes, Zurich 1986.
Vital, Christian an.d Mengle, David L. SIC: Switzerland's New Electronic Interbank Payment System. Federal Reserve Bank of Richmond, Economic Review. VoI. 74, No. 6. November/December 1988.
.. Bank iorlnternational 'Settlements:" Payment Systems in ·Eleven Developed Countries. Basle, April 1 989.
Bank for International Settlements: Large-Value Funds Transfer Systems in the Group of Ten Countries. Basle, May 1990.
Group of Thirty. Clearance and Settlement Project; Switzerland: Year-End 1990 Status Report.
2 Other
Beguelin, J-P. SIC et la politique monetaire en suisse: quelques reflexions preliminaires. Wirtschaft und Recht. VoI. 40, Heft 1, s. 63-71, 1988.
Birchler, U.W. Neue Liquiditätsvorschriften und Geldpolitik. Geld, Währung und Konjunktur, Quartalsheft der Schweizerischen Nationalbank, VoI. 6, 1988:
Ettlin, F. and Fluri, R. Der Einfluss der Steuerveranlagung auf den Notenumlauf - Identifikation und Quantificierung. Schweizerische Nationalbank. Geld, Währung und Konjunktur, No. 3. pp. 194-199. September 1986.
Ettlin, F. Der Schweizerische Notenum lauf 1962-1988. Schweizerische N ationalbank. Geld, Währung und Konjunktur, No. 3, pp. 257-268. 1989.
Fischer, F. and Hurni, W. Erste Erfarungen mit dem Schweizerischen Interbank Clearingsystem (SIC) aus der Siht einer Grossbank. Wirtschaft und Recht. VoI. 40, Heft 1, 1988.
Granziol, M.J. Notenbankpolitische Aspekte des Zahlungsverkehrs: Bemerkungen zu neueren Entwicklungen im schweizerischen Zahlungsverkehr unter besonderer Berucksichtigung des SIC-Systems. Geld, Währung und Konjunktur, Quartalsheft der Schweizerischen Nationalbank, VoI. 4, s. 263-269. 1986.
Hess, M. Die Rechtsgrundlagen des Swiss Interbank Clearing (SIC). Wirtschaft und Recht. VoI. 40, Heft 1, s. 31-49. 1988.
Kohli, U. A note on banknote characteristics and the demand for currency by denomination. Journai of Banking and Finance. VoI. 12, pp. 389-399. 1988.
Lightowler, R. SIC - Switzerland's New Electronic Clearing System - An Example of Successful Application Development in a Complex Heterogeneous Enviroment. Paper prepared for the 29th Annual G.U.I.D.E. Conference, Vienna, June 7-10, 1988. . 40
Mengle, D.L., Severson, J.K. and Vital, C. A Comparision of Fedwire and Swiss Interbank Clearing. Federal ReseNe Bank of Richmond, Discussion Paper. May 1989.
Mengle, David L. Payments without Overdrafts: The Swiss Interbank Clearing System. JournaI of Cash Management. VoI. 9, No. 5. September/October 1989, pp. 53-63.
Meyer, H. The Roleof the Swiss National Bank in the Payment System. International symposium on Banking and Payment SeNices sponsored by the Board of Governors of the Federal ReseNe System, Washington D.C., May 20, 1985. (also in: Journai of Bank Research, International Banking and Payment SeNices, Presentations from the Symposium Sponsored by the Board of Governors of the Federal ReseNe System, Bank Administration Institute. 1986. pp. 190-193)
Meyer, H. Die Rolle der Schweitzerischen Nationalbank im Zahlungsverkehr. Bank und Markt, Heft 9, 1985.
Meyer, H. Swiss Interbank Clearing: Kettenreaktion möglich. Schweizerische Handelszeitung, Bankier-Sondernummer, No. 3, Oktober 1986.
Meyer, H. Implications of the Swiss Interbank Clearing System for Central Bank Policy. The World of Banking. pp. 26-28. January/February 1987.
Meyer, H. Entwicklungstendezen im bargeldlosen Zahlungsverkehr aus der Sicht der Notenbank, deutsche Fassung der AusfOhrungen an der Generalversammlung der Assosiation Internationale des Imperimeurs Fiduciaires. ZOrich, September 1987.
. MOller, R. SIC als Meilenstein im Zahlungsverkehr. Schweizer Bank No. 1, s. 53-57. 1986.
NOesch, M. Bisherige Erfahrungen und Zukunttsperspektiven der Teilnehmer am SIC. Diplomarbeit, Hochschule St. Gallen fOr Wirtschafts- und Sozialwissenschaften. 1988.
Portmann, P. Der schweizerische Postzahlungsverkehr. Bank und Markt. VoI. 16, No. 9, s. 5-11. 1987.
SIC. Swiss Interbank Clearing, Das Online-Clearingsystem der Schweizer Banken. 1986
SIC. Swiss Interbank Clearing, The Online Clearing System of Swiss Banks. 1986
Swiss National Bank. Annual Report 1988. Bern, s. 9-12.
Vital, Christian. The Swiss Wire Transfer SIC: Concept and Preliminary Results. Paper prepared for the Money Transfer Conference of the Bank Administration Institute. Ft. Laurendale, Florida. October 25-28, 1987.
Vital, Christian. Das elektronische Interbank-Zahlungsverkehrssystem SIC: Konzept und vorläufige Ergebnisse. Wirtschaft und Recht. VoI. 40, Heft 1, s. 9-30. 1988.
Vital, Christian. Entwicklungstendezen im schweizerischen Interbank-Zahlungsverkehr. Referat gehalten an der 17. Generalversammlung der SEGA. Schweizerische Effekten-GiroAG. ZOrich, 20. April 1988.
Vital, Christian. Erfahrungen mit dem SIC (4): Steuerung der Kreditrisiken. Schweizer Bank 11, s. 45-48. 1988. 41
Vital, Christian. Fortschritte im schweizerischen Interbank-Zahlungsverkehr. Unterlagen zu einem Referat gehalten an der Tagung Electronic Banking, Zentrum fUr UnternehmungsfLihrung. ZLirich, 20. October 1988.
Vital, Christian. The Funds Transfer System SIC - An Overview. Schweizerische Nationalbank. September 1988.
Vital, Christian and Mengle, David L. SIC: Switzerland's New Electronic Interbank Payment System. Federal Reserve Bank of Richmond Economic Review. VoI. 74, No. 6. pp. 12-27. November/December 1988.
Vital, Christian. Swiss Interbank Clearing (SIC): Some Further Results. Schweizerische Nationalbank. December 1988.
Vital, Christian. The Electronic Interbank Payment System SIC: Concept and Initial Results. Schweizerische Nationalbank. April 1988. (also in: The World of Banking: Swiss Interbank Clearing: The Electronic Interbank Payment System. January/February 1989, p. 4-9.)
Vital, Christian. Swiss Interbank Clearing - A Progress Report. Swiss National Bank. Mimeo, December 11, 1989.
Vital, Christian. SIC: Market Responses to the Introduction of an Electronic Interbank Payment System. Paper prepared for the International Symposium on Banking and Payment Services Sponsored by the Board of Governors of the Federal Resrve System. Washington DC. June 7-9, 1989. (also in: Payment Systems Worldwide, VoI. 1, No. 1, 1990, pp. 69-74.)
Vital, Christian. Swiss Interbank Clearing - Further Experience With a Queueing Mechanism to Control Payment System Risk. Paper prepared for the Global Funds Transfer Conference of thr Institute for International Research. New York, February 6-7, 1990. (modified version presented for the Conference on Electronic Banking im Auslandzahlungsverkehr of the Institute for International Research. MLinchen, April18-19, 1990.)
Zeugin, F.E. SIC, Swiss Interbank Clearing: The Online Clearing System of the Swiss Banks. Presentation at the Global Payment System Conference of the Institute for International Research. July 25, 1989.
3 Other Institutions in Switzerland that publish material on payment instruments and payment systems
Telekurs AG, ZLirich
PTT, Bern
4 Main statistical sources
Bank for International Settlements: Payment Systems in Eleven Developed Countries. Basle, April 1989.
Bank for International Settlement?: Statistics on Payment Systems in Eleven Developed Countries. Basle, December 1989 and 1990. 42
UNITED KINGDOM
1 Publications describing the payment systems in UK
Bankers' Clearing House. "Payment Clearing Systems: Review of Organisation, Mem bership and Control" (The Child Report). Published in December 1984 by the Members of the Bankers Clearing House, London. (Available from the Association for Payment Clearing SeNices, APACS)
Bankers' Clearing House. "Payment Clearing Systems: Review of Organisation, Mem bership and Control". London, APACS, 1986.
"Banking SeNices: Law and Practice". Report by the Review Committee chaired by Professor Robert Jack (The Jack Report), published in February 1989 by Her Majesty's Stationery Office (HMSO), command paper 622.
IIBanking SeNices: Law and Practice". The Government's response to the Review Committee's report, published in March 1990 by HMSO, command paper 1026.
The Monopolies and Mergers Commission Report into Credit Card SeNices. Published in August 1989 by HMSO, command paper 718.
"The International Money Markets In London, and First Chicago's role in Clearing and Settlement for Dollar Instruments". Research paper published by the Federal ReseNe Bank of New York, May 1989.
"CHAPS - The Clearing House Automated Payment System". Research paper published by the Federal ReseNe Bank of New York, October 1989.
Bank for International Settlements: Payment Systems in Eleven Developed Countries. Basle. April 1989.
Bank for International Settlements: Large-Value Funds Transfers in the Group of Ten Countries. Basle, May 1990.
Group of Thirty. Clearance and Settlement Project; United Kingdom: Year-End 1990 Status Report.
2 Other
Allen, R.I.L. Pressures for Change: Public Policy on Payment Systems and the Role of the Central Bank. Speech given at the 9th Payment Systems International Conference, Tokyo , November 1985.
AlIsopp, P.W. "Large Value Payment Systems in the UK. Speech at the Federal ReseNe System Symposium on Bankin and Payment SeNices. Washington D.C., June 1989.
AlIsopp, P.W. Netting Schemes in the Foreign Exchange Markets. Speech at the SWIFT SIBOS seminar. Stockholm, September 1989.
AlIsopp, P.W. Payment Systems in the EEC. Remarks tQ the EC Commission's Conference on EC Payment Systems. Brussels, October 1990. 43
AlIsopp, P.W. The Regulator's View of Netting Schemes. Speech at a conference on correspondent banking. London, December 1990.
AlIsopp, P.W. -Netting Schemes in Europe. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Ansic, D. An experimental investigation of the Miller-Orr transactions demand for cash model. Applied Financial Economics, VoI. 1, No. 4, December, 1991.
APACS. Consumer payments and financial behavior. APACS Research Brief. London. December 1989.
Bank of England. Settlement of transactions in the gilt-edged securites market. Bank of England Quarterly Bulletin, March 1986.
Bank of England. Gilt-edged settlement: Phase 2 of the CGO Service. Bank of England Quarterly Bulletin, February 1987.
Bank of England. Recent developments in UK payment claering systems. Bank of Eng land Quarterly Bulletin, August 1987. ,
Bank of England. Perspectives on Payment Syste,ms. Speech given by the Deputy Governor of the Bank of England at the Group of Thirty Conference on Clearance and Settlement Systems in the World's Sequrites Markets. London, March 1990.
Binney, Robert. The Profitability Measurement in Correspondent Banking. Paper presented for the 1991 Bank to Bank Business Conference for correspondent bankers. London, July 1991.
Chorafas, Dimitris N. Electronic Fund Transfer. Butterworths. London 1988.
Coleby, AL. Supervision of International Financial Clearing Systems: Public Policy Issues. Speech at the Federal Reserve System Symposium on Bankin and Payment Services. Washington D.C., June 1989.
Coleby, Anthony. Payments Systems: Efficiency, Risk and the Role of the Public Sector. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payments System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome. 1991.
Clements, I.M. BPC Study Group on Payments Systems. Bank of England. 12 November 1990.
Ewing, Annabelle J. The Draft EEC Money Laundering Directive: An Overview. Journai of I nternational Banking Law, VoI. 6, No. 4, 1991.
Farquharson, lan. Cross-Border Banking Services. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Goode, R.M. (Ed.) Electronic Banking: The Legallmplications. The Institute Bankers. London, 1985.
Goodhart, Charles A.E. Why Do Banks Need a Central Bank? Oxford Economic Papers, VoI. 39, pp. 75-89, 1987. 44
Harrop, Peter. The future of payment media, plastic money, banknotes, coins and cheques. Financial Times Business Information. London, 1989.
. Harrop, Peter. Prepayment Cards: The electronic purse becomes big business. Finacial Times Management Reports. London, October 1991.
Howcroft, J.B. and Lavis, John. Evolution of the paymentsystems of London Clearing Banks. Service Industries Journai, VoI. 7, No. 2, April 1987.
Hyland, Michael J. Risk in Payments: Fraud and Money Laundering. Paper presented for the 1 ~91 Bank to Bank Business Conference for correspondent bankers. London, July 1991.
Kirkman, P. Electronik Funds Transfer Systems, The Revolution in Cashless Banking and Payment Methods. Basil Blackwell, Oxford/New York, 1987.
Leigh-Pemberton, R. Challenges Facing the Sterling Wholesale Payment Systems. (The Ernest Sykes Memorial Lecture, given by the Governor of the Bank of England at the Annual General Meeting of the Chartered Institute of Bankers on 24 May 1989). Bank of England Quarterly BuJletin, August 1989.
Lewis, Mervyn K. and Davis, Kevin T. Domestic and International Banking. Philip Allan, London 1987.
Levitt, Malcolm. Payment Systems in E.M.U. De Pecunia - Revue de Cepime, VoI. 111, No. 2, Octobre 1991.
Poul/et, Yves and Vandenberghe, G.P.V. (Eds.) Telebanking, Teleshopping and the Law. Kluwer. London, 1988.
Revell, Jack R. Payment systems over the next decade. Journai of Bank Research, VoI. 15, No. 4, Winter 1985.
Sepkes, Eric. Developments in the UK Clearing Systems. Paper presented for the 1991 Bank to Bank Business Conference for correspondent bankers. London, July 1991.
Shea, Tony. The Usefullness of Netting Agreements. Journai of International Banking Law, VoI. 6, No. 4, 1991.
Walton, R.J. The Central Moneymarket Office (CMO). Bank of England Quarterly Bulletin, November 1990.
Vittas, Dimitri., Frazer, Patric and Metaxas-Vittas, Thymi. The Retail Banking Revolution: An I nternational Perspective. Second edition. Lafferty Publications Ltd. London, 1988.
Whitehead, Michael E. Electronic funds transfer at point of sale: an appraisal of developments. University of College North Wales, Institute of European Finance. Research papers in banking and finance RP 90/010. Bangor, 1990. 45
3 Other institutions in UK that publish material on payment instruments and payment systems
Assosiation for Payment Clearing SeNices (APACS) Mercury House Triton Court 14 Finsbury Square London EC2A 1BR
Banking Information SeNices 10 Lom bard Street .. London EC3V 9AP
4 Main statistical sources
The Statistical Unit at the Association for Payment Clearing SeNices. (Address above)
The Committee of London and Scottish Bankers (CLSB) Statistical Unit 10 Lom bard Street London EC3V 9AP
Bank for International Settlements. Payment Systems in Eleven Developed Countries. Basle, April 1989.
Bank for International Settlements. Statistics on Payment Systems in Eleven Developed Countries. Basle, December 1989 and 1990.
UNITED STATES
1 Publications describing the payment system in USA
Bank for International Settlements: Payment Systems in Eleven Developed Countries. Basle, April 1989.
Bank for International Settlements: Large-Value Funds Transfer Systems in the Group of Ten Countries. Basle, May 1990
Group of Thirty. Clearance and Settlement Project; United States: Yaer-End 1990 Status Report. 46
2 Other
Allen, L., Pertistiani, S. and Saunders, A. Bank Size, Collateral, and Net Purchase --Bahaviorin the Federal Funds Market: Empirical Evidence. Journai of Business, VoI. 62, pp. 501-515, 1989.
Angell, Wayne D. Policy responce to issues in cantral bank payment services. Paper prepared for the International Symposium on Banking and Payment Services. Federal Reserve Board, Washington DC., 1989.
Angell, Wayne D. Co-operative approaches to reduce risks in global financial markets: remarks made at the Conference on Regulating I nternational Financial Markets; -Issues and Policies. New York, May 1990.
Angell, Wayne D. Payment system policy in a world economy: remarks at the annual conference of the National Corporate Cash Management Assosiation. Federal Reserve Board, Washington, D.C. October 1990.
Ausubel, Lawrence M. The Failure of Competition in the Credit Card Market. American Economic Review, VoI. 81, No. 1. March 1991.
Avery, Robert B., Elliehausen, Gregory E., Kennickell, Arthur B., and Spiridt, Paul A. The use of cash and transaction account by American families. Federal Reserve Bulletin, Washington, D.C., February 1986.
Avery, Robert B., Elliehausen, Gregory E., Kennickell, Arthur B., and Spindt, Paul A. Changes in the Use of Transaction Accounts and Cash from 1984 to 1986. Federal Reserve Bulletin, Washington D.C., March 1987.
Ballen, Robert G., Davis, Tony M., Savage, Joseph P. and Veltri, Stephen C. Commercial Paper, Bank Deposits and COllection, and Other Payment Systems. The Business Lawyer, VoI. 46, No. 4, August 1991.
Bear, Herbert and Evanoff, Douglas. Payments System Issues in Financial Markets that Never Sleep. Federal Reserve Bank of Chicago, Economic Perspectives, November 1990.
Belton, T.M., Gelfand, M.D., Humphrey, D.B. and Marquardt, J.C. Daylight Overdrafts and Payments System Risk. Federal Reserve Bulletin, VoI. 73. November 1987.
Bennett, Barbara. Controlling payments system risk. Federal Reserve Bank of San Francisco Economic Review, August 1987.
Benston, George J. and Kaufman, George. Risk and Solvency Regulation of Depository Institutions: Past Policies and Current Options. In Haraf, William and Kushmeider, Rose (eds.) Restructuring Banking and Finacial Services in America. American Enterprise Institute, Washington, D.C., 1988.
Berger, Allen N. and Humphrey, David B. The role of interstate banking in the diffusion of electronic payments technology. Federal Reserve Board, Washington, D.C., July 1985.
Berger, Allen N., Humphrey, David B., and Frodin, Joanna H. Interstate banking: impacts on the payment system. Federal Reserve Board research paper, 1986.
Berger, Allen N. and Humphrey, David B. -Interstate Banking and The Payment System. Journai of Financial Services Research, VoI. 1. January 1988. 47
Berger, Allen N. and Humphrey, David B. Market failure and resource use: economic incentives to use different payment instruments. Federal ReseNe Board, Washington, D.C., July 1988.
BerIin, Mitchell and M este r, Loretta J. Credit card rates and consumer search. Mimeo. Federal ReseNe Bank of Philadelphia, February 1988.
Bernanke, Ben. Clearing and Settlement During the Crash. The Review of Financial. Studies, VoI. 3, No. 1, 1990.
Board of Governors of the Federal ReseNe System. Policy statement on large-dollar wire transfer systems. Washington, D.C., July 1985.
Board of Governors of the Federal ReseNe System. Statements to Congress (the episode of the failure of the computer system sofware at Bank of New York in november 1985). Federal ReseNe Bulletin, February 1986.
Board of Governors of the Federal ReseNe System. Functional cost analysis. Washington, D.C., 1986.
Board of Governors of the Federal ReseNe System. Planning and Contral System expence report (PACS). Washington, D.C., 1987.
Board of Governors of the Federal ReseNe System. Interim Policy Statement Regarding Risks on Large-Dollar Wire Transfer Systems. Federal Register, VoI. 52, No. 151. August 1987.
Board of Governors of the Federal ReseNe'System. Credit cards in the Us economy: their inpact on costs, prices and retail sales. Washington, D.C., 27th July 1988.
Board of Governors of the Federal ReseNe System. Contralling risk in the payment system. Washington, D.C., August 1988.
Board of Governors of the Federal ReseNe System: Large Dollar Payment System Advisory Group. A Strategic pian for managing risk in the payment system. Washington, D.C., August 1988
Board of Governors of the Federal ReseNe System. Priced SeNices, 1988 and 1989. Federal ReseNe Bulletin, August 1989.
Board of Governors of the Federal ReseNe System. The Federal Reserve in the Payments System. Federal ReseNe Bulletin, VoI. 76. May 1990.
Canner, Glenn B. and Fergus, James T. The economic effect of proposed ceilings on credit card interest rates. Federal Reserve Bulletin, January 1987.
Carraro, Kenneth C. and Thornton, Daniel L. The cost of checkable deposits in the United States. Federal ResNe Bank of St Louis Review, VoI. 68, No. 4, April 1986.
Clair, Robert T. Daylight overdrafts: who really bears the risk? Federal ReseNe Bank of Dallas, May 1989. .
Clair, Robert T. The Clearing House Interbank Payments System: a description of its operations and risk management. Federal Reserv~ Bank of Dallas, June 1989.
Cody, B. Reducing the Costs and Risks af Trading Foreign Exchange. Federal Reserve Bank of Philadelphia Business Review, November/December 1990. 48
Cooter, Robert D. and Rubin, Edward L. A Theory of Loss Allocation for Consumer Payments. Texas Law Review. VoI. 66, pp. 63-130. November 1987.
-- Gorrigan, Gerald E. Bank supervision in a changing financial environment. Federal Reserve Bank of New York. 1986.
Corrigan, Gerald E. Financial Market Structure: A Longer View. Federal Reserve Bank of New York, Annual Report, 1987.
Corrigan, Gerald E. Perspectives on Payment System Risk Reduction. Paper presented to Federal Reserve Bank of Richmond Payment System Symposium, Williamsburg, Virginia, May 1988. Reprinted in Humphrey, D.B. (ed.), 1989.
Duprey, James N. and Nelson, Clarence W. A visible hand: the Fed's involvment in the check payment system. Federal Reserve Bank of Minneapolis Quarterly Review, VoI. 10, No. 2, Spring 1986.
Eisenbeis, Robert A. Eroding Market Impertections: Implication for Financial Intermediaries, the Payment System, and Regulatory Reform. In Restructuring the Financial System. Federal Reserve Bank of Kansas City. 1987.
Evanoff, Douglas D. Daylight overdrafts: rationale and risks. Federal Reserve Bank of Chicago Economic Review, May 1988.
Faulhaber, Gerald R., Phillips, Almarin and Santomero, Anthony M. Payment Risk, Network Risk, and the Role of the Fed. In Humphrey, David B. (ed) The U.S. Payment System: Efficiency, Risk, and the Role of the Federal Reserve. Kluwer Academic Publishers, Boston, 1989.
Federal Reserve Bank of Atlanta. The Automatic Clearing House Alternative: How 00 We Get There From Here? Federal Reserve Bank of Atlanta Economic Review, April 1986.
Federal Reserve Bank of New York. Large-Dollar Payment Flows from New York. Federal Reserve Bank of New York Quarterly Review. Winter 1987-88. VoI. 12, No. 4.
Federal Reserve Board. Policy statement regarding the system's role in the payments mechanism revised. Federal Reserve Bulletin. Washington, D.C., May 1990.
Federal Reserve Board. The Federal Reserve in the payments system. Federal Reserve Bulletin. Washington, D.C., May 1990.
Felgran, Steven D. From ATM to POS networks: branching, access and pricing. Federal Reserve Hank of Boston New England Economic Review, May/June 1985.
Felgran, S.D. and Ferguson, R.E. The evolution of retail EFT networks. Federal Reserve Bankof Boston New England Economic Review, July/August 1986.
Fenn, George and Kupiec, Paul. Prudential Margin Policy in a Futures-Style Settlement System. Federal Reserve Board. Finance and Economics Discussion Series, No. 164. Washington, D.C., July 1991.
Flannery, Mark J. Payments system risk and public policy. AEI Occasional papers, no. 5. American Enterprise Institute for Public Policy. Washington D.C., 1987.
Friedman, Milton. The Resource Cost of Irredeemable Paper Money. Journai of Political Economy, VoI. 94, No. 3, June 1986. 49
Friedman, Milton. The Island of Stone Money. The Hoover Institution, Stanford University. Working Paper No. E-91-3. February 1991.
Frisbee, Pamela S. et al. The ACH in a new light. Federal Reserve Bank of Atlanta Economic Review, VoI. 71, No. 3, March 1986.
Gambs, ·C.M. The cost of the US payments system. Journai of Bank Research, 1986.
Gelfand, Matthew D. and Lindsey, David E. The simple micraanalytics of payments system risk. Federal Reserve Board, Finance and Economics Discussion Series No. 61. Washington, D.C., March 1989.
Gilbert, -R.Alton. ·Payment System Risk: What Is It and What Will Happen If We Try To Reduce It? Federal Reserve Bank of St. Louis Review, VoI. 71, No. 1. January/February 1989.
Goodfriend, Marvin. Money, credit, banking and payments system policy. Federal Reserve Bank of Richmond Economic Review, August 1988 and January/February 1991.
Gorton, Gary B. and Haubrich, Joseph G. The Joint Praduction of Confidence: Endogenous Regulation and Nineteenth Century Commercial-Bank Clearing Houses. Journai of Money, Credit and Banking. Voi 19, November 1987.
Haraf, William S. and Kushmeider, Rose (Ed.) Restructuring Banking and Financial Services in America. Washington D.C.: American Enterprise Institute. 1988.
Heldring, F. Payment system risk in the United States. Jornal of Bank Research, VoI. 16, pp. 209-213. 1986.
Humphrey, David B. Resource Use in Federal Reserve Check and ACH Operations After Pricing. Journai of Bank Research. VoI. 16, No. 1. Spring 1985.
Humphrey, David B. Payments Finality and Risk of Settlement Failure. In Saunders, Anthony and White, Lawrence (eds.) Technology and the Regulation of Financial Markets. Lexington Books, 1986.
Humphrey, David B. Market responses to pricing Fedwire daylight overdrafts. Federal Reserve Bank of Richmond Economic Review, VoI. 75, No. 3, pp. 23-34. May/June 1989.
Humphrey, David B. (ed.) The U.S. payment system: Efficiency, risk, and the rale of the Federal Reserve: proceedings of a symposium on the payment system, May 25- 26, 1988. Kluwer Academic Publishers, Boston, 1989.
Johnson, Manual H. Challenges to the Federal Reserve in the payments mechanism: presentation at the Payment System Symposium, Federal Reserve Bank of Richmond. Federal Reserve Board, 1988.
Juncker, George R., Summers, Bruce J. and Young, Florence M. A Primer on the Settlement of Payments in the United States. Federal Reserve Bulletin, November 1991.
Kuprianov, Anatoli. The Monetary Contral Act and the rale of the Federal Reserve in the interbank clearing market. Federal Reserve Bank of Richmond Economic Review, VoI. 71, No. 4, July/August 1985. . 50
Kuprianov, Anatoli. An analysis of Federal Reserve pricing. Federal Reserve Bank of Richmond Economic Review, VoI. 72, No. 2, March/April1986.
Laderman, Elizabeth S. The Public Policy Implications of State Laws Pertaining to Automated Teller Machines. Federal Reserve Bank of San Francisco Economic Review, Winter 1990. No. 1, January 1987.
Large-Dollar Payments System Advisory Group. A Strategic Pian for Managing Risk in the Payment System. Report to the Payments System Policy Committee of the Federal Reserve System. Board of Governors of the Federal Reserve System, August 1988.
'" Lindsey, "D.E.,·Gelfand, M.D., Barrett, -C.W., Gilbert, R.A., Humphrey, D.B., Ireland, 0., Lyon, J.M. and Marquardt, J.C. Report of the Federal Reserve System Task Force on controlling payment system risk. Board of Governors of the Federal Reserve System. Washington D.C., 1988.
McCallum, Bennett. Bank Deregulation, Accounting Systems of Exchange, and the Unit of Account: A Critical Review. In Karl Brunner and Allan H. Meltzer ed. The New Monetary Economics, Fiscallssues, and Unemployment.Carnegie-Rochester Conference Series on Public Policy. VoI. 23, Autumn 1985.
Mengle, David L. Daylight Overdrafts and Payment System Risks. Federal Reserve Bank of Richmond Economic Review, May/June 1985.
Mengle, David L. Legal and regulatory reform in electronic payments: An evaluation of finality in payment rules. Federal Reserve Bank of Richmond, working paper 88-2, May 1988.
Mengle, David L., Humphrey, David B. and Summers, Bruce J. Intraday credit: risk, value, and prising. Federal Reserve Bank of Richmond Economic Review, January 1987.
Mengle, David L., Severson, Julie K and Vital, Christian. A comparison of Fedwire and Swiss Interbank Clearing. Federal Reserve Bank of Richmond, Discussion Paper, May 1989.
Mitko, Stanley E. Jr. The corporate viewpoint on wholesale payment systems. Magazine of Bank Administration, VoI. 63, No. 2, February 1987.
Monhollon, J.R. and Summers, Bruce J. The Role of the Federal Reserve in the Electronic Payments Evolution. Journai of Cash Management, VoI. 7, No. 2, 1987.
Murphy, Neil B. Determinants of household check writing: Impact of the use of electronic banking services and alternative pricing of checking services. Board of Governors of the Federal Reserve System, Finance and Economics Discussion Series. No. 38, Septem ber 1988.
New York Clearing House. Increased Assurances of Settlement Formality on CHIPS, Memorandum, April 1989.
Parkinson, Patrick M. Innovations in Clearing Arrangements: A Framework for Analysis. Paper prepared for the Conference on Bank Structure and Competition. Federal Reserve Bank of Chicago, May 9, 1990.
Pavel, Christine and Binkley, Paula. Cost and competition in the bank credit cards. Federal Reserve Bank of Chicago Economic Perspectives, March/April1987. 51
Reichert, Allan K, Strauss, William and Merris, Randal C. An Economic Analysis of Short Run Fluctuations in Federal Reserve Wire Transfer Volume. Journai of Bank Research. VoI. 15, No. 4. Winter 1985.
Rutz, Roger. Clearance, Payment, and Settlement Systems in the Futures, Options and Stock Markets. Board of Trade Clearing Corporation. Chicago, IL, February 1989.
Saunders, A. and White, L.J. (Ed.) Technology and the Regulation of Financial Markets. Lexington, Massachusetts. Lexington Books, 1986.
Scott, Hal S. The Legal Powers of Central Banks in Payment Systems: The Example of the Federal Reserve System. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca d'ltalia. Rome 1991.
Shay, Robert P. Bank Credit Card Pricing: is the market working? Journai of Retail Banking, VoI. 9, No. 1, Spring 1987.
Simmons, R.D. Would banks buy daytime fed funds? Federal Reserve Bank of Chicago Economic Perspectives, VoI. 11, pp. 36-43. 1987.
Smoot, Richard L. Billion dollar overdraft: a payment system risk challenge. Federal Reserve Bank of Philadelphia Business Review, January/February 1985.
Solomon, Elinor Harris. (Ed.) Electronoc Fund Transfers and Payments: The Public Policy Issues. Boston. K1uwer-Nijhoff, 1987.
Solomon, Elinor Harris. (Ed.) Electronic Money Flows: The Molding of a New Financial Order. Kluwer academic publishers, 1991.
Spindt, P.A. and HOffmeister, J.R. The micromechanics of the federal funds market: Implications for day-of-the-week effects in funds rate variability. Journai of Financial and Quantitative Analysis. VoI. 23, pp. 401-416. 1988.
Stevens, EJ. Risk in large dollar transefer systems. Federal Reserve Bank of Kansas City Bankig Studies, Special Issue 1985.
Stevens, EJ. Reducing risk in wire transfer systems. Federal Reserve Bank of Cleveland Economic Review, 1986.
Stevens, EJ. Pricing daylight overdrafts. Federal Reserve Bank of Cleveland Economic Review, December 1988.
Stevens, EJ. Payment system risk issues. Federal Reserve Bank of Cleveland, June 1989.
Stevens,'EJ. Removing the hazard of Fedwire daylight overdrafts. Federal Reserve Bank of Cleveland Economic Review, second quarter 1989.
Summers, Bruce J. et al. The automated clearing house alternative; hoe do we get there from here? Federal Reserve Bank of Atlanta Economic Review, VoI. 71, No. 4, April1986.
Summers, Bruce J. Electronic payments in retrospect. FE?deral Reserve Bank of Richmond Economic Review, March 1988. 52
Summers, Bruce J. Clearing and payment systems: the role of the central bank. Federal Reserve Bulletin. Washington, D.C., February 1991.
TaskForce on Controlling Payments System Risk. Controlling Risk in the Payments System. Report ta the Payments System Policy Committee of the Federal Reserve System. Board of Governors of the Federal Reserve System, August 1988.
Van Hoose, David D. The Angell Proposal: An Overview. Staff Paper, Board of Governors of the Federal Reserve System. June 1988.
Van Hoose, David D. and Sellon, Gordon H. Jr. Daylight overdrafts, payments system . risk, and public policy. Federal Reserve Bank of Kansas City Economic Review, September 1989.
Van Hoose, David D. Bank behavior, interest rate determination, and monetary policy in a financial system with an intraday federal funds market. Journai of Banking and
Finance, VoI. 15, No. 2 1 pp. 343-365. April 1991.
Whitesell, William C. The Demand for Currency versus Debitable Accounts: A Note. Journai of Money, Credit and Banking, VoI. 21, No. 2. May 1989.
Whitesell, William C. Potential Monetary Policy Effects of a Moonlight Fedwire Facility. Board of Governors of the Federal Reserve System, Division of Monetary Affairs, December 6, 1989.
Vital, Christian, Mengle, David L. SIC: Switzerland's new electronic interbank payment system. Federal Reserve Bank af Richmond Economic Review, VoI. 74, No. 6. November/December 1988.
Woldow, Robert J. Clearance and Settlement in the U.S. Sequrities Markets: An Overview of the Role of the National Securities Clearing Corporation in Equities Trading. National Securities Clearing Corporation,' 1989. '
Wood, John C. and Smith, Dolores S. Electronic Transfer of Government Benefits. Federal Reserve Bulletin, April 1991.
Woolley, Michael J. Imperfect information, adverse. selection and interest rate sluggishness in the pricing of bank credit cards. Board of Governors of the Federal Reserve System, Finance and Economics Discussion Series. No. 37, September 1988.
Young, John E. The Rise and Fall of Federal Reserve Float. Federal Reserve Bank of Kansas City Economic Review. February 1986.
·Federal Reserve Bank of New York: PAYMENT STUDIES
No. 1. A Study af Large-Dollar Payment Flows Through CHIPS and Fedwire, December 1987.
No. 2. Trading of Foreign Currency Options and Futures in Philadelphia, February 1989.
No. 3. Clearing and Settling the Euro-Sequrites Market: Euro-clear and Cedel, March 1989. 53
No. 4. Exchanges and Clearinghouses for Financial Futures and Options in the United Kingdom, March 1989.
No. 5. An Overview of the Options Clearing Corporation, April 1989.
No. 6. The l nternational Money Markets in London and First Chicago's Role in Clearing and Settling Dollar Instruments, May 1989.
No. 7. The Chicago Mercantile Exchange, July 1989.
No. 8. Sequrites Lending, August 1989.
No. '9. -The Federal ReseNe Wire Transfer'Network, August 1989.
No. 10. CHAPS: The Clearing House Automated Payment System, October 1989.
No. 11. Clearing and Settlement Through the Board of Trade Clearing Corporation, F ebruary 1990.
No. 12. The Clearing House Interbank Payment System (CHIPS), January 1991.
3 Other institutions in USA that publish material on payment instruments and payment systems
American Bankers Assosiation U.S. League of Saving Banks National Automated Clearing House Assosiation Assosiation of ReseNe City Banks Office of Technical Assessment National Cash Managers Assosiation
Periodicals, Newsletlers and Newspapers
American Banker (daily newspaper) American Bankers Assosiation Banking Journai American Bankers Assosiation Bankers Weekly Automated Payments Update Bank Network News Bank Operations Bulletin Checks and Checking Credit Card Management Corporate EFT Report EFT Report EFTS Digest Funds Transfer Report Journai of Cash Management Magazine of Bank Administration Nilson Report Payments Monthly Payments Systems Worldwide POS News Retail Forum on Payment Systems United States Banker ' . 54
4 Main statistical sources
General data -Bank of International Settlements publieations and annual reports
Other -proprietary systems (CHIPS, ete.) publieations and reports - trade assosiations PARTII
57
INTERNATIONAL ORGANIZATIONS
8ank forinternationalsettelements (8IS):
I General
Group af Experts on Payment Systems. Payment Systems in Eleven Developed Countries. Basle, February 1985 and April 1989.
Group of Experts on Payment Systems. Report on Netting Schemes in Eleven Developed Countries. Basle, February 1989.
Group of Experts on Payment Systems. Statistics on Payment Systems in Eleven Developed Countries. Basle, December 1989 and 1990.
Group of Experts on Payment Systems. Large-Value Funds Transfer Systems in the Group of Ten Countries. Basle, May 1990.
Group of Experts on Payment Systems. Report af the Committee on Interbank Netting Schemes of the Central Banks of the Group of Ten Countries. Basle, November 1990.
Borio, Claudio. Daniela Russo and Paul Van den Bergh. Payment System Arrangements and R~lated Policy Issues: A Cross-Country Comparison. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unifacation. Banca D'ltalia. Rome 1991.
Lamfalussy, Alexandre. The Report on Netting Schemes. In Passacantando, Franco (Ed.) Proceedings ·of the Workshop on Payment System Issues in the Perspective af European Monetary Unification. Banca D'ltalia. Rome 1991.
Hopton, bavid. Payment Systems: A Case for Consensus. Bank for International Settlements, May 1983.
Survey of Foreign Exchange Market Activity. Bank for International Settlements, Monetary and Economic Department. Basle, February 1990.
II Sequrity
Group of Computer Experts. Sequrity and Reliability in Electronic Systems for Payments. 2nd revised edition. Basle, September 1982.
Group of Computer Experts. Addendum to the Second Revised Edition of the Handbook Sequrity and Reliability in Electronic Systems for Payments. Basle, January 1985.
Basle Committee on Banking Supervision. Risks in Computer and Telecommunication System. Basle, July 1989.
Working Party on Sequrity Issues. Monograph on Personai Computer Sequrity. Basle, December 1990. 58
European community (EC):
Commission of the European Communities. Commission recommendation on the transparency ·of banking conditions relating to cross-border financial transactions. (90/109/EEC).
-Commission ofthe European Communities. Developing Europe's Payment Systems. Draft of Green Paper. Directorate-General XV/A-4, Financial Institutions and Company Law (XV/130/90), June 1990.
Commission of the European Communities. Making Payments in the Internai Market. Discussion Paper, COM(90) 447. September 1990.
Kessler, J.R. Study on Improvements in the Settlement of Cross-Border Securities Transactions in the European Economic Community. Study for the Commission of the European Economic Community, Directorate-General XV, Financiallnstitutions and Company Law, July 1988.
European free trade association (EFTA):
Consultative Committee, Sub-Committee on Consumer Policy Affairs. New methods of payment - Guidlines for Regulation of Electronic Funds Transfer Systems. EFTNCSC/CPA 1/90, 1 Annex, 26 February 1990.
Federation internationale des bourses de valeurs (FIBV):
Task force report. Improving International Settlements. FIBV, Paris, June 1989.
Group of thirty (G30):
Clearance and Settlement Systems in the World's Sequrities Markets. New York and London, March 1989
crearance and Settlement Systems, Status Report; Spring 1990
Conference on Clearance and Settlement Systems. London, 14 March 1990 Speeches.
Clearance and Settlement Systems, Status Report; Year-End 1990.
International monetary fond (IMF):
Gros, Daniel. Seigniorage in the EC: The Implications ofthe EMS and Financial Market Integration. IMF, Research Department, WP/89/7. January 1989.
Folkerts-Landau, David. Systemic Financial Risk in Payment Systems. IMF, Research Department, WP/90/65. July 1990.
International organization of securities commissions (IOSCO):
Statement of the Technical Committee of IOSCO on Issu~s of Clearance and Settllement. 59
International society of securities administrators (ISSA):
4th International Symposium of Securities Administrators (ISSA 4) - Symposium Report. Switzerland, May 1988.
5th International Symposium of Securities Administrators (ISSA 5) - Symposium Report. Switzerland, May 1990.
Organisation for economic co-operation and development (OECD):
Electronic Fund Transfer. Plastic Cards and the Consumer. OECD, Paris 1988.
Systemic Risks in Securities Markets. OECD, Paris 1991.
Automation of Sequrities Markets and Regulatory Implications. OECD Financial Markets Trends, No. 50, Special feature pp. 20-49. October 1991.
United nations commission on international trade law (UNCITRAL):
United Nations Commission on International Trade Law. Report of the Working Group on International Payments. (NCN.9/328) 15 August 1989.
PART 111
63
1 PAYMENT INSTRUMENTS AND RETAIL TRANSACTIONS
1.1 Cash (notes and coins)
Ansic, D. An experimental investigation of the Miller-Orr transactions demand for cash model. Applied Financial Economics, VoI. 1, No. 4, December 1991.
Banca d'ltalia, Servizio Segretariato. Principal features in the Italian payment system, with reference to the role of banknotes. Paper prepared for the Statistics and Banknote Handling Committee of the Banknote Printers' Conference, held in' Stockholm, April1988.
Bank of Japan. The Japanese Cash Payment System: synopsis. Working Paper. Research and Statistic Department, March 1990.
Braak, L. ter. Cross-border movements of Netherlands banknotes. De Netherlandsche Bank, Quarterly Bultetin 3/1991, December 1991.
Boeschoten, W.C. and Fase, M.M.G. The way we pay with money. Journai of Business & Economic Statistics. VoI. 7, pp. 3191-3206. July 1989.
Boeschoten, W.C. and Fase, M.M.G. The demand for large banknotes. De Nederlandsche Bank, Research Memoranda WO&E 9106. 1991.
Boeschoten, W.C. National trends in payment systems and the demand for currency and banknotes. De Nederlandsche Bank, Research Memoranda WO&E 9108. March 1991.
Chevalier, M. New payment systems and their effect on note circulation in France. Paper prepared for the Statistics and Banknote Handling Committee of the Banknote Printers' Conference meeting in Stockholm, April1988. Bank of France, 1988.
Cloutier, P. A banknote model with agency and denomination dimensions. Working Paper. Bank of Canada. 1986.
Cramer, J.S. Cash payments of households and their suppliers. De Nederlandsche Bank NV, Quarterly Bulletin. 1988/1.
Cramer, J.S. The length of the cashloop for currency withdrawals by private households. University of Amsterdam. Paper prepared for the third congress of the European Economic Association, Bologna, 27-29 August 1988.
Dombrecht, M. Determinanten van de vraag naar bankbiljetten (Determinants of the demand for banknotes). Working Paper. Nationale Bank van Belgia, 1989.
Droogenbroeck, J. van, Considerations about the denominational distribution in the Belgian banknote circulation. Working Paper. National Bank of Belgium, 1988.
Ettlin, F. and Fluri, R. Der Einfluss der Steuerveranlagung auf den Notenumlauf - Identifi kation und Quantificierung. Schweizerische Nationalbank. Geld, Währung und Konjunktur, No. 3. pp. 194-199, September 1986.
Ettlin, F. Der Schweizerische Notellumlauf 1962-1988. Sqhweizerische Nationalbank. Geld, Währung und Konjunktur, No. 3, pp. 257-268, 1989. 64
Fase, M.M.G. and Boeschoten W.C. The distribution of payments and the use of bank notes. De Nederlandsche Bank NV, Quarterly Bulletin. 1985/3.
Fase, M.M.G. De toekomst van het bankbiljet (The future of the banknote). in Fase, M.M.G., Steinhauser, J.R. and de Vries, J. (eds) Het Nederlandsche bankbiljet in zijn verscheidenheid. pp. 195-215. Kluwer. Deventer. 1986.
Friedman, Milton. The Resource Cost of Irredeemable Paper Money. Journai of Political Economy, VoI. 94, No. 3, June 1986.
Goldin, Ephraim. Statistical Analysis of Coin Lost in Circulation. Journai of Business & Economic Statistics. VoI. 3, No. 1, pp. 36-42. January 1985.
Gros, Daniel. Seigniorage in the EC: The Implications of the EMS and Financial Market Integration. IMF, Research Department, WP/89/7. January 1989.
Hentsch, J.C. Distribution de la monnaie fiduciare entre les coupures (The distribution of paper money by denominations). Journai de la Societe de Statisticue de Paris. No. 4, pp. 139-144. 1985.
Klein, Martin and Neumann, Manfred J.M. Seigniorage: What is it and who gets it? Rheinische Friedrich-Wilhelms-Universtät Bonn, Sonderforschungsbereich 303, Discussion Paper No. B-124. Bonn, November 1989.
Knoop, H.S. van der and Hooijmans, F.C. A multivariate intervention model for the Dutch Mint circulation: estimation and Monte Carlo simulation. Journai of Business & Economic Statistics. VoI. 7, No. 2 pp. 179-189. 1989.
Koeze, P. A new technical criterion for 'the note-coin boundary. Paper prepared for the Banknote Printers' Conference held in Stockholm, April 1988. De Nederlandsche Bank NV. Amsterdam 1988.
Kohli, U. A note on banknote characteristics and the demand for currency by denominati on. Journai of Banking and Finance. VoI. 12, pp. 389-399, 1988.
Kokkola, Tom. Kontanpenningefterfrågan, betalningsmedel och teknisk utveckling (Demand for cash, payment instruments and technological development, in Swedish). Bank of Finland. Discussion Papers, No. j 0/90. Helsinki, 8.6.1990.
Mansky, C.F ... and Goldin, E. The denomination-speciffic demand for currency; the Israeli experience. In Heijmans, R.D.H. and Neudecker, H. (eds.) The Parctice of Econometrics. pp. 99-120, Dodrecht, Kluwer 1987.
Rambure, Dominique. The Use of Ecu as a Means of Payment. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Schneider, F. Bargeldhaltung. Schriftenreihe des Österreichischen Forschungsinstituts fUr Sparkassenwesen. No. 1, 1990.
Temmerman, G. Comparing denomination structures. National Bank of Belgium. Study presented at the meeting of the BPC study group on 'Trends in national economies and in payment systems and their effect on note circulation and demand" in London, 9-10 July 1990.
Viren, Matti. Recent Trends in the Use of Cash in Transactions. Bank of Finland Bulletin. October 1989. 65
Whitesell, William C. The Demand for Currency versus Debitable Accounts: A Note. Journai of Money, Credit and Banking, VoI. 21, No. 2. May 1989.
1.2 Payment cards (prepaid, debit and credit)
Aguiar, A.L. (Ed.) 0 dinheiro de plastico (Plastic money). Rei dos livros, Lisboa, 1990.
Association Belge des Banques. La carte a microcicuit: ses particularites et son avenir (29 pp). Bruxelles, 1988.
.. . Ausubel, Lawrence M. The Failure·of Competition in the Credit Card Market. American Economic Review, VoI. 81, No. 1. March 1991.
Autio, Johanna. Maksu- ja luottokortit Suomessa. Kotitalous- ja kuluttaja-asiain tutkimus keskus. Julkaisuja 2/1987. (Charge and credit cards in Finland, in Finnish (Summary in English)). The Research Centre for Household and Consumer Matters 2/1987).
Banque de France. La carte prepayee multiprestataires. Banque de France, Bulletin Trimestriel, Juin 1991.
BerIin, Mitchell and Mester, Loretta J. Credit card rates and consumer search. Mimeo. Federal Reserve Bank of Philadelphia, February 1988.
Board of Governors of the Federal Reserve System. Credit cards in the Us economy: their inpact on costs, prices and retail sales. Washington, D.C., 27th July 1988.
Bouyala, Regis. La carte prechargee multiprestataires (The multipurpose prepaid card). Bancatique, Novembre 1990.
Canner, Glenn B. and Fergus, James T. The economic effect of proposed ceilings on credit card interest rates. Federal Reserve Bulletin, January 1987.
Chebat, Jean-Charles and Laroche, Michel. A cross-cultural comparison of attitudes towards and usage of credit cards. International Journai of Bank Marketing, VoI. 6, no. 4, 1988.
Danm0nt NS. Report describing the general outlines of a commercially viable general purpose prepaid petty cash-card system - Danm0nt. Copenhagen, June 1990.
Dunn, P.T. and Poe, D.A. Preserving the integrity of the bank card. Journai of Retail Banking, VoI. 12, No. 2, Summer 1990.
Fidjest01, Asbj0rn. Utviklingen av elektroniske kortbaserte betalningssystemer i Norge. Norges Bank, Penger og Kreditt, No. 1, 1987.
The Finnish Bankers' Association. Maksukortit ja niiden käyttäminen (Payment cards and their use, in Finnish). Helsinki, 1991.
Harrop, Peter. Prepayment Cards: The elect~onic purse becomes big business. Finacial Times Management Reports. London, October 1991.
Heck, Ramona K.Z. Differences in utilisation behaviour among types of credit cards. Service Industries Journai, VoI. 7, No. ~, January 1987. 66
Industrial Bank of Japan. Issues of and prospects for multi-purpose prepaid cards. Industrial Bank of Japan Finance and Industry Quarterly Survay, No. 80, 4th quarter 1989.
Jensen, Henning N. Dancoin - The replacement of coins with IC-cards. Danish Payment Systems Ltd. 1991.
Lindmo, E Implementing a banking smart card system. Chip Card News, No. 27, March 1989.
Weston, Rae. Preventing credit card fraud. Bankers' Institute of New Zealand Bankers Review, Vo1.6, No. 4, May 1987.
1.3 Other
APACS. Consumer payments and financial behavior. APACS Research Brief. London. December 1989.
Avery, Robert B., Elliehausen, Gregory E, Kennickell, Arthur B., and Spindt, Paul A. The use of cash and transaction accounts by American families. Federal Reserve Bulletin, Washington, D.C., February 1986.
Avery, Robert B., Elliehausen, Gregory E, Kennickell, Arthur B., and Spindt, Paul A. Changes in the Use of Transaction Accounts and Cash from 1984 to 1986. Federal Reserve Bulletin, Washington D.C., March 1987.
Banque de France, Service de l'lnformation. Le tratement des cheques bancaires (The clearing of checks in the banking system). Note d'lnformation No. 56, Juillet 1983.
Banque de France, Service de l'lnformation. La L.C.R. (Lettre de change-releve) (Bill of exchange documents). Note d'lnformation No. 57, Septembre 1983.
Banque de France, Service de l'lnformation. Le Regime de Prevention et de Repression de L'emission de cheques sans provision (A system to prevent the use of and to stop the emission of feeless checks). Note d'lnformation No. 68, Juin 1986.
Barbe, H.J. Cheque Truncation in Balgium. National Bank of Belgium. Paper presented for the Intemational Symposium on Banking and Payment Services, Washington, May 20, 1985.
Boeschoten, W.C. The use of means of payments. De Nederlandsche Bank, Research Memorandum WO&E 9005. 1990.
Clements, I.M. BPC Study Group on Payments Systems. Bank of England. 12 November 1990.
Cooter, Robert D. and Rubin, Edward L. A Theory of Loss Allocation for Consumer Payments. Texas Law Review. VoI. 66, pp. 63-130. November 1987.
Cramer, J.S. The volume of transactions and the circulation of money in the United States, 1950-1979. Jomal of Business & Economic Statistics. VoI. 4, No. 2. April 1986.
Deutsche Bundesbank. Payment media in foreign ~ravel. Monthly Report of the Deutsche Bundesbank, VoI. 43, No. 7. July 1991. 67
Dingle, James F. Technical Note: Introduction of Retroactive Settlement for the Daily Clearing of Cheques and Other Payment Items. Bank of Canada Review, August 1986.
Duprey, James N. and Nelson, Clarence W. A visible hand: the Fed's involvment in the check payment system. Federal Reserve Bank of Minneapolis Quarterly Review, VoI. 10, No. 2, Spring 1986.
Friedman, Milton. The Island of Stone Money. The Hoover Institution, Stanford University. Working Paper No. E-91-3. February 1991.
GrOnwald, A. Das klassische Zahlungsmittel Scheck im Zeitalter der Elektronik. Österreic• hisches ·Bank-Archiv. No. 8, 1987.
Halonen, Ulla. Maksutapatutkimus (Research of payment methods. The Finnish Bankers' Association). Suomen Pankkiyhdistys, No. 1,21.6.1988.
Harrop, Peter. The future of payment media, plastic money, banknotes, coins and che ques. Financial Times Business I nformation. London, 1989.
Huijser, A.P. Giraal betalen is niet gratis (paying by giro is not for free). Economisch Statistische Berichten 71, nr 3576, pp. 986-989, 1986.
Leishman, W. The Canadian Cheque Clearing System. Forum, The Canadian Payment Association, September 1987.
Lepicard, Jean Marie. Settlements in Post 1992 Europe. Paper presented for the 1991 Bank to Bank Business Conference for correspondent bankers. London, July 1991.
Liikenneministeriö. Joukkoliikenteen maksuvälinetekniikan kehittyminen Suomessa. (Ministery of Transport: Payment media developments in Finnish public transport). Liikenneministeriön julkaisuja 16/90, Helsinki 1990.
Norges Bank. Samordning av postgiros og bankenes giroformidling. Norges Bank, Penger og Kreditt, No. 3/91
The Finnish Bankers' Association. Payment systems and banking technology in Finland 1986-1990. Helsinki, 1991.
Viren, Matti. Financial Innovation and Currecy Demand: Some New Evidence. University of Turku, Department of Economics. Research Reports, No. 8, July 1991. (Forthcomming in Empirical Economics)
Young, John E. The Rise and Fall of Federal Reserve Float. Federal Reserve Bank of Kansas City Economic Review. February 1986.
2 AUTOMATION OF RETAIL TRANSACTONS
2.1 Automated Teller Machines (ATM's) and Cash Dispensers (CD's)
Kokkola, Tom. Kontanpenningettertrågan, betalningsmedel och teknisk utveckling (Demand for cash, payment hlstruments and technological development, in Swedish). Bank of Finland. Discussion Papers, No. 10/90. Helsinki, 8.6.1990. 68
Laderman, Elizabeth S. The Public Policy Implications of State Laws Pertaining to Automated Teller Machines. Federal Reserve Bank of San Francisco Economic Review, Winter 1990. No. 1, January 1987.
Marshall, Judith J. and Heslop, Louise A. Technology Acceptance in Canadian retail banking: a study of consumer motivations and use of ATMs. International Journai of Bank Marketing, VoI. 6, no. 4, 1988.
Paroush, Jacob and Ruthenberg, David. Automated Teller Machines and the share of demand deposits in the money supply: The Israeli Experience. European Economic Review. December 1986, pp. 1207-1215.
'-"Zilberfarb, -Ben-Zion. The Effect of Automated Teller Machines on Demand Deposits: An Empirical Analysis. Journai of Financial Services Research. VoI. 2, No. 1, pp. 49- 57. February 1989.
2.2 Electronic Fund Transfer / at Point of Sale (EFT/POS)
Association Belge des Banques. Protection des transferts electroniques de fonds: le systeme TRASEC (26 pp). Bruxelles, 1987.
Bekemeier, H. Elektronischer Individual-Oberweisungsverkehr (EZO) mit Schriften-Lese System. Betriebswirtschaftliche Blätter, VoI. 36, No. 7, 1987.
Canadian Payment Assosiation. The Fundamental Elements of EFT/POS: Revised and Recommended Version. September 23, 1988.
Canadian Payment Assosiation. Standard 021: Standards and Guidelines Applicable to Electronic Funds Transfer at the Point of Sale (EFT/POS). March 21, 1990.
Center for Financiallndustry Information Systems. EFT-POS in Japan. August 1990.
Chorafas, Dimitris N. Electronic Fund Transfer. Butterworths. London 1988.
Felgran, S.D. and Ferguson, R.E. The evolution of retail EFT networks. Federal Reserve Bank of Boston New England Economic Review, July/August 1986.
Kirkman, P. Electronik Funds Transfer Systems, The Revolution in Cashless Banking and Payment Methods. Basil Blackwell, Oxford/New York, 1987.
Revell, Jack R. Payment systems over the next decade. Journai of Bank Research, VoI. 15, No. 4, Winter 1985.
Smith, Rod., Lane, David and Hastie, Leslie. A rough ride for European EFTPOS. Banking Technology, VoI. 7, No. 4, April 1990.
Takac, P.F. EFTPOS in Australia. Royal Melbourne Institute of Technology. Melbourne 1987.
Whitehead, Michael E. Electronic funds transfer at point of sale: an appraisal of develop ments. University of College North Wales, Institute of European Finance. Research papers in banking and finance RP 90/010. Bangor, 1990. 69
2.3 Other
Balmforth, Derek. BACS goes for the future. Banking World, VoI. 5, No. 3, March 1987.
Banque de France, Service de l'lnformation. L'ordinateur de compensation (Computerising the voucher-compensation system). Note d'lnformation No. 69, Decembre 1986.
Bartel, Henry and Arbuckle, Gavin. Electronic Banking in Canada and the United States. Montreal, Quebec. Gamma Institute Press, 1987.
"Berger, -AllenN.and Humphrey, David B. The role of interstate banking in the diffusion of electronic payments technology. Federal·Reserve Board, Washington, D.C., July 1985.
Deutsche Bundesbank. The present state and future development of the automation of cashless payments at the Bundesbank. Monthly Report of the Deutsche Bundesbank, VoI. 37, No. 8. August 1985.
Ewens, P. Electronic Banking: Vernetzung zwischen Kreditinstituten. In Biervert, B. und Dierkes, M. (ed.) Informations- und Kommunikationstechniken im Dienstleistungssektor: Rationalisierung oder neue Qualität. Weisbaden 1989.
Farkas, D. Improving the Efficiency of the Paper-Based Payment Systems. Conference on the Payment System: Access and Control. Terrigal, NSW, August 1989.
Federal Reserve Bank of Atlanta. The Automatic Clearing House Alternative: How Do We Get There From Here? Federal Reserve Bank of Atlanta Economic Review, April 1986.
Felgran, Steven D. From ATM to POS networks: branching, access and pricing. Federal Reserve Bank of Boston New England Economic Review, May/June 1985.
Fidjest01, Asbj0rn. Utviklingen av elektroniske kortbaserte betalningssystemer i Norge. Norges Bank, Penger og Kreditt, No. 1, 1987.
Frisbee, Pamela S. et al. The ACH in a new light. Federal Reserve Bank of Atlanta Economic Review, VoI. 71, No. 3, March 1986.
Goode, R.M. (Ed.) Electronic Banking: The Legallmplications. The Institute Bankers. London, 1985.
GrOnwald, A. Das klassische Zahlungsmittel Scheck im Zeitalter der Elektronik. Österreic• hisches Bank-Archiv. No. 8, 1987.
Harper, lan R. Issues in the development of the Australian payments system. Macquarie University Bulletin of Money, Banking and Finance, No. 3. 1985/1986
Howcrott, J.B. and Lavis, John. Evolution of the payment systems of London Clearing Banks. Service Industries Journai, VoI. 7, No. 2, April 1987.
Malkamäki, Markku and Tanila, Kirsti. Elektronisten maksu- ja informaatiojärjestelmien kehitys ja maksutapamuutokset (Developments in electronic payment and information systems and changes in payment methods). Bank of Finland, Discussion Papers, No. 22/90. Helsinki, 12.10.1990. 70
Mallyon, J.S. Some Recent Developments in the Australian Payments System. Reserve Bank of Australia Bulletin, April 1986.
Mallyon, J.S. Electronic Transactions and the Australian Payments System Council: Accomodating the Interests of Banks, Building Societies, Credit Unions and Retailers. Australian Payment Systems Council, Sydney, March 1987.
Meyer, H. Entwicklungstendezen im bargeldlosen Zahlungsverkehr aus der Sicht der Notenbank, deutsche Fassung der AusfOhrungen an der Generalversammlung der Assosiation Internationale des Imperimeurs Fiduciaires. ZOrich, September 1987.
Monhollon, J.R. and Summers, Bruce J. The Role of the Federal Reserve in the - Electronic Payments Evolution.-Journal-of Cash Management, VoI. 7, No. 2, 1987.
Murphy, Neil B. Determinants of household check writing: Impact of the use of electronic banking services and alternative pricing of checking services. Board of Governors of the Federal Reserve System, Finance and Economics Discussion Series. No. 38, September 1988.
OECD. Electronic Fund Transfer. Plastic Cards and the Consumer. OECD, Paris 1988.
Poullet, Yves and Vandenberghe, G.P.V. (Eds.) Telebanking, Teleshopping and the Law. Kluwer. London, 1988.
Slattery, T. Moving Towards Non-Paper-Based Transactions. Conference on the Payment System: Access and Contral. Terrigal, NSW, August 1989.
Solomon, Elinor Harris. (Ed.) Electronoc Fund Transfers and Payments: The Public Policy Issues. Boston. Kluwer-Nijhoff, 1987.
Solomon, Elinor Harris. (Ed.) Electronic Money Flows: The Molding of a New Financial Order. Kluwer academic publishers, 1991.
Wood, John C. and Smith, Dolores S. Electronic Transfer of Government Benefits. Federal Reserve Bulletin, April1991.
Tyree, AL. Electronic Funds Transfer Systems - Consumer Issues. Australian Payment Systems Council, Sydney, November 1985.
Working Group Examining the Rights and Obligations of the Users and Providers of Electronic Funds Transfers Systems. Australian Government Publishing Service. Canberra 1985, 1986 and 1989.
3 INTERBANK PAYMENT SYSTEMS AND LARGE-VALUE TRANSACTIONS
3.1 Structure and Operations
Association Belge des Banques. Le C.E.C. - Continu: principes de fonctionnement (26 pp). Bruxelles, 1985.
Bank for International Settelements. Group of Experts on Payment Systems. Large-Value Funds Transfer Systems in the Group of Ten COI,.mtries. Basle, May 1990.
Bank of Japan. BOJ-NET - Its Role and Functions in the Japanese Payment System. Special Paper No. 200. March 1991. 71
Banque de France, Service de l'lnformation. S.A.G.I.T.T.A.I.R.E. Systeme interbancaire de reglement en francs par teletransmission (S.A.G.I.T.T.A.I.R.E. - The interbank transmission network for settlement in France). Note d'lnformation No. 63, Novembre 1984.
Beguelin, J-P. SIC et la politique monetaire en suisse: quelques reflexions preliminaires. Wirtschaft und Recht. VoI. 40, Heft 1, 1988, s. 63-71.
Centre for the Exchange of Operations to be Cleared for the Belgian Financial System. C.E.C. (31 pp). Brussels, 1989.
Clair, Robert T. The Clearing House Interbank Payments System: a description of its " 'operationsand -risk management. 'Federal Reserve Bank of Dallas, June 1989.
Federal Reserve Bank of New York. A Study of Large-Dollar Payment Flows Through CHIPS and Fedwire, FRBNY, Payments Studies No. 1, December 1987.
Federal Reserve Bank of New York. The Federal Reserve Wire Transfer Network. FRBNY, Payments Studies No. 9, August 1989.
Federal Reserve Bank of New York. CHAPS: The Clearing House Automated Payment System. FRBNY, Payments Studies No. 10, October 1989.
Federal Reserve Bank of New York. The Clearing House Interbank Payment System (CHIPS). FRBNY, Payments Studies No. 12, January 1991.
Hasko, Harri. Päivän sisäiset luotot ja maksujärjestelmäriski, sekä: Swiss Interbank Clearing (SIC) - Sveitsin elektroninen maksujärjestelmä. Suomen Pankki, Rahoitusmarkkinaosasto, Työpaperi 7/91, Helsinki 19.12.1991.
Hellenic Banks' Assosiation. National l nterbank System Dias .. 1988.
Hoffmann, H. OeNEZ und elektronische Bankenkommunikation. Oesterreichischen Nationalbank, Berichten und Studien, No. 1-2, 1990. (OeNEZ and computerised bank communication, Austrian National Bank, Reports and Summaries, 1990)
Lindwall, Eric J. Canada-Wide Large Value Transfer System, Part 1. Canadian Payments Association, Forum, VoI. 4, No. 4. December 1988.
Lindwall, Eric J. Canada-Wide Large Value Transfer System, Part II. Canadian Payments Association, Forum, VoI. 5, No. 1. March 1989.
Mengle, David L. Payments without Overdrafts: The Swiss Interbank Clearing System. Journai of Cash Management. VoI. 9, No. 5. September!October 1989, pp. 53-63.
SIC. Swiss Interbank Clearing, Das Online-Clearingsystem der Schweizer Banken. 1986
SIC. Swiss Interbank Clearing, The Online Clearing System of Swiss Banks. 1986
Vital, Christian and Mengle, David L. SIC: Switzerland's New Electronic Interbank Payment System. Federal Reserve Bank of Richmond Economic Review. VoI. 74, No. 6, pp. 12-27, November/December 1988. 72
3.2 Policy Issues
. Allen, RI.L. Pressures for Change: Public Policy on Payment Systems and the Role of the Central Bank. Speech given at the 9th Payment Systems International Conference, Tokyo , November 1985.
Allen, R.A Issues Facing the Payment Systems in the '90s. Conference on the Payment System: Access and Contral. Terrigal, NSW, August 1989.
Angell, Wayne D. Policy responce to issues in cantral bank payment services. Paper prepared for the International Symposium on Banking and Payment Services. 'Federal Reserve Board, Washington DC., 1989.
Bank of Canada. Implementation of Monetary Policy in the Absence of Reserve Require ments. Discussion Paper No. 1, 30 September 1987.
Bank of Canada. Implementation of Monetary Policy in a System with Zero Reserve Requirements. Discussion Paper No. 2, 2 February 1989.
Bank of Canada. Implementation of Monetary Policy in a System with Zero Reserve Requirements. Discussion Paper No. 3, 1 May 1991. Bank of Canada Review, May 1991.
Birchler, U.W. Neue Liquiditätsvorschriften und Geldpolitik. Geld, Währung und Konjunktur, Quartalsheft der Schweizerischen Nationalbank, VoI. 6, 1988.
Board of Governors of the Federal Reserve System. Policy statement on large-dollar wire transfer systems. Washington, D.C., July 1985.
Coleby, AL. Supervision of International Financial Clearing Systems: Public Policy Issues. Speech at the Federal Reserve System Symposium on Bankin and Payment Services. Washington D.C., June 1989.
Douglas, P. How Open Should the Payment System Be? Conference on the Payment System: Access and Contral. Terrigal, NSW, August 1989.
Federal Reserve Board. The Federal Reserve in the payments system. Federal Reserve Bulletin. Washington, D.C., May 1990.
Federal Reserve Board. Policy statement regarding the system's role in the payments mechanism revised. Federal Reserve Bulletin. Washington, D.C., May 1990.
Goodhart, Charles AE. Why Do Banks Need a Central Bank? Oxford Economic Papers, VoI. 39, pp. 75-89, 1987.
Habacht, R. Elektranische Zahlungsverkehr in Österreich - Potentielle I mplikationen fOr die Währungspolitik der Oesterreichischen Nationalbank (Payment systems in Austria - Implications for the monetary policy of the Austrian National Bank). Wirtschaftsuniversität Wien. Dissertation, Wien 1987.
Habacht, R. Zur Bedeutung der Zunahme des elektranischen Zahlungsverkehrs fOr Zentralbanken (Evolving payment systems and the rale of cantral banks). Österreichisches Bank-Archiv, pp. 548-556, No. ?, 1988.
Harper, Jan R Issues in the development of the Australian payments system. Macquarie University Bulletin of Money, Banking and Finance, No. 3. 1985/1986 73
Lahdenperä, Harri., Leppänen, Ossi and Suvanto, Antti. Elektroniset maksujärjestelmät ja keskuspankkipolitiikka (Electranic Payment Systems and Central Bank Policy). Bank of Finland, Central Bank Policy Dept., Working Paper 14/91. Helsinki 21.10.1991.
Longworth, David. Optimal Behaviour of Direct Clearers in a World with Zera ReseNe Requirements. Paper prepared for the Annual Meetings of the Canadian Economics Association, Quebec City, June 1989.
Longworth, David and Muller, Patrice. Implementation of Monetary Policy in Canada with Same-Day Settlement: Issues and alternatives. Bank of Canada. Working Paper 91-3. August 1991.
Loughlin, G. How Open Should the Payment System Be? Conference on the Payment System: Access and Contral. Terrigal, NSW, August 1989.
Mallyon, J.S. Issues for Payment Systems. Paper presented to the 17th SEANZA Central Banking Course. Sydney, October-November 1988.
Marshall, Judith J. and Heslop, Louise A. Technology Acceptance in Canadian retail banking: a study of consumer motivations and use of ATMs. International Journai of Bank Marketing, VoI. 6, no. 4, 1988.
Meyer, H. Implications of the Swiss Interbank Clearing System for Central Bank Policy. The World of Banking. pp. 26-28, January/February 1987.
Perdrix, Michel. La position de la Banque de France face aux reseaux interbancaires (Bank of France's position towards the interbank network). Allocution dans le cadre de la reunion annuale des Presidents des banques de I'OCBF (Office de Coordination Bancaire et Financiere), novembre 1990 (speech at the annual meeting of OCBF-bank governors, november 1990).
Thompson, G.J. How Open Should the Payment System Be? Conference on the Payment System: Access and Contral. Terrigal, NSW, August 1989. Reprinted in ReseNe Bank of Australia Bulletin, September 1989.
Van Hoose, David D. Bank behavior, interest rate determination, and monetary policy in a financial system with an intraday federal funds market. Journai of Banking and Finance, VoI. 15, No. 2, pp. 343-365. April 1991.
3.3 Recent Developments
Banca d'ltaHa. II sistema dei pagamenti italiano: pragetti in corso e prospettive di sviluppo (Payment systems in Italy: started projects and lines of development). Roma 1990.
Bank of England. Recent developments in UK payment claering systems. Bank of Eng land Quarterly Bulletin, August 1987.
Mallyon, J.S. Some Recent Developments in the Australian Payments System. ReseNe Bank of Australia Bulletin, April 1986.
Oritani, Yoshiharu. Japanese Payment and Transfer Systems: Today and Tomorrow. Payment Systems Worldwide, Autumn 1990. 74
ReseNe Bank of Australia. Payment Systems Developments in Australia. ReseNe Bank of Australia Bulletin. July 1988.
Sepkes, Eric. Developments inthe UK Clearing Systems. Paper presented for the 1991 Bank to Bank Business Conference for correspondent bankers. London, July 1991.
Vital, Christian. Entwicklungstendezen im schweizerischen Interbank-Zahlungsverkehr. Referat gehalten an der 17. Generalversammlung der SEGA. Schweizerische Effekten-Giro AG. ZOrich, 20. April 1988.
Vital, Christian. Entwicklungstendenzen im schweizerischen Interbank-Zahlungsverkehr. . SEGAAntenne Nr. 4, Ju1i1988.
Vital, Christian. Swiss Interbank Clearing - A Progress Report. Swiss National Bank. Mimeo, December 11, 1989.
3.4 Other
Allen, L., Pertistiani, S. and Saunders, A. Bank Size, Collateral, and Net Purchase Baha vior in the Federal Funds Market: Empirical Evidence. Journai of Business, VoI. 62, pp. 501-515, 1989.
AIIsopp, P.W. Large Value Payment Systems in the UK. Speech at the Federal ReseNe System Symposium on Bankin and Payment SeNices. Washington D.C., June 1989.
Bear, Herbert and Evanoff, Douglas. Payments System Issues in Financial Markets that Never Sleep. Federal ReseNe Bank of Chicago, Economic Perspectives, November 1990.
Birchler, W. Swiss lnterbank Clearing bewältigt bis zu 50.000 Transaktionen pro Stunde. Fides Mitteilungen 54, 3/1987.
Board of Governors of the Federal ReseNe System. Statements to Congress (the episode of the failure of the computer system sofware at Bank of New York in november 1985). Federal ReseNe Bulletin, February 1986.
Boeschoten, W.C. In search of an efficient interbank settlement system. De Nederl~mdsche Bank NV, paper presented at EUROBANKING 1989, Heemskerk, 23-26 May 1989.
Clark, N. Payments Systems: The Australian Experience. Paper presented to the 17th SEANZA Central Banking Course. Sydney, October-November 1988.
Dotsey, Michael. Monetary Policy and Operating Procedures in New Zealand. Federal ReseNe Bank of Richmond, Economic Review, VoI. 77, No. 5. September/October 1991.
Federal ReseNe Bank of New York. Large-Dollar Payment Flows from New York. Federal ReseNe Bank of New York Quarterly Review. Winter 1987-88. VoI. 12, No. 4.
Fischer, F. and Hurni, W. Erste Erfarungen mit dem Schweizerischen Interbank-Clearing system (SIC) aus der Siht einer Grossbank. Wirtschaft und Recht. VoI. 40, Heft 1, 1988, s. 50-62. 75
Granziol, M.J. Notenbankpolitische Aspekte des Zahlungsverkehrs: Bemerkungen zu neueren Entwicklungen im schweizerischen Zahlungsverkehr unter besonderer BenJcksichtigung des SIC-Systems. Geld, Währung und Konjunktur, Quartalsheft der Schweizerischen Nationalbank, VoI. 4, s. 263-269, 1986.
Klein, F. Erfarungen mit dem SIC (1): Mehr Transparenz fOr den Cash-Manager. Schwei zer Bank 8, s. 17-20, 1 988.
Kuprianov, Anatoli. The Monetary Contral Act and the rale of the Federal Reserve in the interbank clearing market. Federal Reserve Bank of Richmond Economic Review, VoI. 71, No. 4, July/August 1985.
- .. _- Kasterer,-B. Erfarungen mit dem SIC (2): IIVier-Augen-Prinzipll in der Verarbeitung. Schweizer Bank 9, s. 63-65, 1988.
Kusterer, B. Swiss Interbank Clearing - Eine neue Etappe im Zahlungsverkehr. Der Monat 9, Schweizerischer Bankverein, 1987.
Kuussaari, Harri. Maksujärjestelmät ja keskuspankkirahoitus G-10 maissa. Suomen Pankki, Rahoitusmarkkinaosasto, Työpaperi 1/92, Helsinki 10.1.1992.
Leigh-Pemberton, R. Challenges Facing the Sterling Wholesale Payment Systems. (The Ernest Sykes Memorial Lecture, given by the Governor of the Bank of England at the Annual General Meeting of the Chartered Institute of Bankers on 24 May 1989). Bank of England Quarterly Bulletin, August 1989.
Lightowler, R. SIC - Switzerland's New Electranic Clearing System - An Example of Successful Application Development in a Complex Heterageneous Envirament. Paper prepared for the 29th Annual G.U.I.D.E. Conference, Vienna, June 7-10, 1988.
Mengle, David L., Severson, Julie K and Vital, Christian. A comparison of Fedwire and Swiss Interbank Clearing. Federal Reserve Bank of Richmond, Discussion Paper, May 1989.
Meyer, H. Die Rolle der Schweitzerischen Nationalbank im Zahlungsverkehr. Bank und Markt, Heft 9, 1985.
Meyer, H. The Role of the Swiss National Bank in the Payment System. International symposium on Banking and Payment Services sponsored by the Board of Governors of the Federal Reserve System, Washington D.C., May 20, 1985. (also in: Journai of Bank Research, International Banking and Payment Services, Presentations fram the Symposium Sponsored by the Board of Governors of the F ederal' Reserve System, Bank Adm inistration Institute. 1986. pp. 190-193)
Mitko, Stanley E. Jr. The corporate viewpoint on wholesale payment systems. Magazine of Bank Administration, VoI. 63, No. 2, February 1987.
MOller, R. SIC als Meilenstein im Zahlungsverkehr. Schweizer Bank No. 1, s. 53-57, 1986.
NOesch, M. Bisherige Erfahrungen und Zukunftsperspektiven der Teilnehmer am SIC. Diplomarbeit, Hochschule St. Gallen fOr Wirtschafts- und Sozialwissenschaften. 1988. 76
Perdrix, Michel. Les reseaux interbancaires tiennent-i1s leurs promesses? (Do the inter bank networks keep their promises?). Allucation prononcee lors du seminaire organise par Technologies Bancaires Magazine le 18 decembre 1990 (speech at - a seminair organised by the Banking Technology magazine, 18 december 1990).
Reichert, Allan K., Strauss, William and Merris, Randal C. An Economic Analysis of Short Run cFluctuations in Federal ReseNe Wire Transfer Volume. Journai of Bank Research. VoI. 15, No. 4. Winter 1985.
Storz, M. Erfarungen mit dem SIC (3): SIC - Vom IIBelegschaufelnll zum modernen Online-System. Schweizer Bank 10, 1988.
. .,., , Tanila, 'Kirsti." Keskuspankin asema maksujärjestelmissä ja maksuliikkeeseen liittyvissä instituutioissa eri maissa. Suomen Pankki, Rahoitusmarkkinaosasto, Työpaperi 1/92, Helsinki 10.1.1992.
Vital, Christian. The Swiss Wire Transfer SIC: Concept and Preliminary Results. Paper prepared for the Money Transfer Conference of the Bank Administration Institute. Ft. Laurendale, Florida. October 25-28, 1987.
Vital, Christian. Fortschritte im schweizerischen Interbank-Zahlungsverkehr. Unterlagen zu einem Referat gehalten an der Tagung Electronic Banking, Zentrum fOr Unternehmungsfuhrung. Zurich, 20. October 1988.
Vital, Christian. Das elektronische Interbank-Zahlungsverkehrssystem SIC: Konzept und vorläufige Ergebnisse. Wirtschaft und Recht. VoI. 40, Heft 1, s. 9-30, 1988.
Vital, Christian. The Funds Transfer System SIC - An OveNiew. Schweizerische National bank. September 1988.
Vital, Christian. Swiss Interbank Clearing (SIC): Some Further Results. Schweizerische Nationalbank. December 1988.
Vital, Christian. The Electronic Interbank Payment System SIC: Concept and Initial Results. Schweizerische Nationalbank. April 1988. (also in: The World of Banking: Swiss Interbank Clearing: The Electronic Interbank Payment System. January/February 1989.)
Vital, Christian. SIC: Market Responses to the Introduction of an Electronic Interbank Payment System. Paper prepared 10r the International Symposium on Banking and Payment SeNices Sponsored by the Board 01 Governors of the Federal ReSNe System. Washington DC. June 7-9, 1989. (also in: Payment Systems Worldwide, VoI. 1, No. 1, pp. 69-74, 1990.
Zeugin, F.E. SIC, Swiss Interbank Clearing: The Online Clearing System of the Swiss Banks. Presentation at the Global Payment System Conference of the Institute for . I nternational Researc~. July 25, 1989.
4 INTERNATIONAL PAYMENTS
AlIsopp, P.W. Payment Systems in the EEC. Remarks to the EC Commission's Conferen ce on EC Payment Systems. Brussels, October 1990. 77
AlIsopp, P.W. Netting Schemes in Europe. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Angell, Wayne D. Co-operative approaches to reduce risks in global financial markets: remarks made at the Conference on Regulating I nternational Financial Markets; Issues and Policies. New York, May 1990.
Angell, Wayne D. Payment system policy in a world economy: remarks at the annual conference of the National Corporate Cash Management Assosiation. Federal Reserve Board, Washington, D.C., October 1990.
...... ·Bank for"lnternational Settlements. Survey of Foreign Exchange Market Activity. BIS,
Monetary and Economic Department. Baslel February 1990.
Banque de France, Service de l'lnformation. S.W.I.F.T. Reseau de teletransmission interbancaire international (S.W.I.F.T. - The international interbank transmission network). Note d'lnformation No. 61, Mars 1984.
Bingham, T.R.G. The foreign exchange market: structure, intervention and liquidity. The Research Institute of Finnish Economy. Discussion Papers, No. 366. Helsinki 1991.
Braak, L. ter. Cross-border movements of Netherlands banknotes. De Netherlandsche Bank, Quarterly Bulletin 3/1991, December 1991.
Cody, B. Reducing the Costs and Risks of Trading Foreign Exchange. Federal Reserve Bank of Philadelphia Business Review, November/December 1990.
Comission des Communautes Europeennes. Les paiements dans le marche interieur europeen (21 pp + 10 annexes). Bruxelles, 1990.
Commission of the European Communities. Commission recommendation on the transpa rency of banking conditions relating to cross-border financial transactions. (90/109/EEC).
Commission of the European Communities. Developing Europe's Payment Systems. Draft of Green Paper. Directorate-General )0J/A-4, Financial Institutions and Company Law f)N/130/90), June 1990.
Commission of the European Communities. Making Payments in the Internai Market. Discussion Paper, COM(90) 447. September 1990.
Deutsche Bundesbank. Payment media in foreign travel. Monthly Report of the Deutsche Bundesbank, VoI. 43, No. 7. July 1991.
Farquharson, lan. Cross-Border Banking Services. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Federal Reserve Bank of New York. The International Money Markets in London and First Chicago's Role in Clearing and Settling Dollar Instruments. FRBNY, Payments Studies No. 6, May 1989. 78
Hörmann, GOnter. Foreign Exchange Payments In Europe from the Consumer's Viewpoint. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Instituto Bancario San Paolo di Torino. Proposal for an ECU-Iinked Clearing System for . Eastern and Central European Countries. Feasibility study proposal, final version. Instituto Bancario San Paolo di Torino, February 1992.
Jueterbock, D. Zehn Jahre S.W.I.F.T.-Netzwerk - ein Meilenstein der Automation? Die Bank, No. 5, 1988.
Jueterbock, D. S.W.I.F.T.-II fOrdie 90er Jahre. Die Bank, No. 6, 1988.
Lamfalussy, Alexandre. The Report on Netting Schemes. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payments System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Lepicard, Jean Marie. Settlements in Post 1992 Europe. Paper presented for the 1991 Bank to Bank Business Conference for correspondent bankers. London, July 1991.
Levitt, Malcolm. Payment Systems in E.M.U. De Pecunia - Revue de Cepime, VoI. 111, No. 2, Octobre 1991.
Lewis, Mervyn K. and Davis, Kevin T. Domestic and International Banking. Philip Allan, London 1987.
Padoa-Schioppa, Tommaso. International Payment Systems: The Function Begets the Organ. Paper presented for the International Symposium on Banking and Payment Services organised by the Board of Governors of the Federal Reserve System, Washington DC., June 1989.
Padoa-Schioppa, Tommaso. Payment Systems: A New Ground for Cantral Bank Cooperation. Paper prepared for the International Symposium on Banking and Payment Services organised by the Board of Governors of the Federal Reserve System, Washington DC., June 1989.
Padoa-Schioppa, Tommaso. II sistema dei pagamenti internazionale: la funzione crea I'organo. Banca d'ltalia. Bolletino economico.
Padoa-Schioppa, Tommaso. Central Banks, Payment Systems and the Single Market. Bank of Italy Economic Bulletin. No. 12, pp. 86-93. Rome, February 1991.
Perdrix, Michel. Les forces de changement dans les systemes de paiement des pays europeens (Forces for change in EEC countries payment systems). Banque de France, Bulletin Trimestriel No. 77, January 1991.
Pedrix, Michel. Forces for Change in EEC Countries' Payments Systems. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Rambure, Dominique. The Use of Ecu as a Means of Payment. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991. 79
Suvanto, Antti. Valuuttamarkkinat Suomessa ja muualla. Kansallis-Osake-Pannki, Taloudellinen katsaus 3/1990.
Troberg, Peter. Integration of EEC Payments Systems: European Commission Initiatives. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca d'ltalia. Rome 1991.
Van Petegem, Antoon. Cross-Border Payment Services in Europe: A View from the Corporate Sector. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payments System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1 991.
5 CLEARING, NETTING AND SETTLEMENT
5.1 Payments
AlIsopp, P.W. Netting Schemes in the Foreign Exchange Markets. Speech at the SWIFT SIBOS seminar. Stockholm, September 1989.
AIIsopp, P.W. Netting Schemes in Europe. Presentation to the Banca d'ltalia Workshop on Payment System Issues in the Perspective of EMU, held in Perugia on 22-23 November 1990. .
AlIsopp, P.W. The Regulator's View of Netting Schemes. Speech at a conference on correspondent banking. London, December 1990.
AIIsopp, P.W. Netting Schemes in Europe. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Bank for International Settlements. Group of Experts on Payment Systems. Report on Netting Schemes in Eleven Developed Countries. Basle, February 1989.
Bank for International Settlements. Group of Experts on Payment Systems. Report of the Committee on Interbank Netting Schemes of the Central Banks of the Group of Ten Countries. Basle, November 1990.
Bank of Japan. A Legal Study on Bilateral Netting in Japan. (In japanese), Kinkyu Kenkyu, February 1987, pp. 135-167.
Bank of England. Recent developments in UK payment claering systems. Bank of Eng land Quarterly Bulletin, August 1987.
Bankers' Clearing House. "Payment Clearing Systems: Review of Organisation, Mem bership and Control" (The Child Report). Published in December 1984 by the Members of the Bankers Clearing House, London. (Available from the Association for Payment Clearing Services, APACS)
Banque de France, Service de l'lnformation. Le tratement des cheques bancaires (The clearing of checks in the banking system). Note d'lnformation No. 56, Juillet 1983.
Coleby, AL. Supervision of International Financial Clearing Systems: Public Policy Issues. Speech at the Federal Reserve System Symposium on Bankin and Payment Services. Washington D.C., June 1989. 80
Crow, John W. Clearing and settlement of financial transactions: A perspective from the Bank of Canada. Bank of Canada Review, November 1990.
Dingle, James F. Technical Note: Introduction of Retroactive Settlement for the Daily Clearing of Cheques and Other Payment Items. Bank of Canada Review, August 1986.
Federal ReseNe Bank of Atlanta. The Automatic Clearing House Alternative: How Do We Get There From Here? Federal ReseNe Bank of Atlanta Economic Review, April 1986.
Federal ReseNe Bank of New York. The International Money Markets in London and First 'Chicago's Role in"Clearingand Settling Dollar Instruments. FRBNY, Payments Studies No. 6, May 1989.
Freedman, Charles. Regulatory, monetary and legal issues of evolving clearing and payments systems. Bank of Canada Review, August 1989.
Frisbee, Pamela S. et al. The ACH in a new light. Federal ReseNe Bank of Atlanta Economic Review, VoI. 71, No. 3, March 1986.
Gorton; Gary B. and Haubrich, Joseph G. The Joint Production of Confidence: Endo genous Regulation and Nineteenth Century Commercial-Bank Clearing Houses. Journai of Money, Credit and Banking. Voi 19, November 1987.
Instituto Bancario San Paolo di Torino. Proposal for an ECU-linked Clearing System for Eastern and Central European Countries. Feasibility study proposal, final version. Instituto Bancario San Paolo di Torino: February 1992.
Humphrey, David B. Payments Finality and Risk of Settlement Failure. In Saunders, Anthony and White, Lawrence (eds.) Technology and the Regulation of Financial Markets. Lexington Books, 1986.
Juncker, George R., Summers, Bruce J. and Young, Florence M. A Primer on the Settle ment of Payments in the United States. Federal ReseNe Bulletin, November 1991.
Kawarsoe, Sutasli. Finality in the Payment Systems. Bank of Japan, Working Paper, December 1988.
Kuussaari, Harri. Maksujärjestelmien netotusmenettelyt ja niiden hyväksikäyttö. Suomen Pankki, Rahoitusmarkkinaosasto, Työpaperi 2/92, Helsinki 1992.
Lamfalussy, Alexandre. The Report on Netting Schemes. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Leishman, W. The Canadian Cheque Clearing System. Forum, The Canadian Payment Association, September 1987.
Lepicard, Jean Marie. Settlements in Post 1992 Europe. Paper presented for the 1991 Bank to Bank Business Conference for correspondent bankers. London, July 1991.
Longworth, David. Optimal Behaviour of Direct Clearers in a World with 2ero ReseNe Requirements. Paper prepared for the Annual Meetings of the Canadian Economics Association, Quebec City, June 1989. 81
Longworth, David and Muller, Patrice. Implementation of Monetary Policy in Canada with Same-Day Settlement: Issues and alternatives. Bank of Canada. Working Paper 91-3. August 1991.
Mengle, David L. Legal and regulatory reform in electronic payments: An evaluation of finality in payment rules. Federal Reserve Bank of Richmond, working paper 88-2, May 1988.
Meyer, H. Swiss Interbank Clearing: Kettenreaktion möglich. Schweizerische Handelszei tung, Bankier-Sondernummer, No. 3, Oktober 1986.
New York Clearing House. Increased Assurances of Settlement Formality on CHIPS, Memorandum, April 1989.
Sepkes, Eric. Developments in the UK Clearing Systems. Paper presented for the 1991 Bank to Bank Business Conference for correspondent bankers. London, July 1991.
Shea, Tony, The Usefullness of Netting Agreements. Journai of International Banking Law, VoI. 6, No. 4, 1991.
Summers, Bruce J. Clearing and payment systems: the role of the central bank. Federal Reserve Bulletin. Washington, D.C., February 1991.
Summers, Bruce J. et al. The automated clearing house alternative; hoe do we get there from here? Federal Reserve Bank of Atlanta Economic Review, VoI. 71, No. 4, April1986.
5.2 Securities
Bank of England. Perspectives on Payment Systems. Speech given by the Deputy Governor of the Bank of England at the Group of Thirty Conference on Clearance and Settlement Systems in the World's Sequrites Markets. London, March 1990.
Bank of England. Settlement of transactions in the gilt-edged securites market. Bank of England Quarterly Bulletin, March 1986.
Bank of England. Gilt-edged settlement: Phase 2 of the CGO Service. Bank of England Quarterly Bulletin, February 1987.
Bernanke, Ben. Clearing and Settlement During the Crash. The Review of Financial Studies, VoI. 3, No. 1, 1990.
Central Bank of Ireland. The Gilts Settlement Office. Central Bank of Ireland Quarterly Bulletin, Spring 1991
Federal Reserve Bank of New York. Clearing and Settling the Euro-Sequrites Market: Euro-clear and Cedel. FRBNY, Payments Studies No. 3, March 1989.
Federal Reserve Bank of New York. Clearing and Settlement Through the Board of Trade Clearing Corporation. FRBNY, Payments Studies No. 11, February 1990.
Federation Internationale des Bourses de Valeurs: Task force report. Improving International Settlements. FIBV, Paris, J~ne 1989. 82
Fenn, George and Kupiec, Paul. Prudential Margin Policy in a Futures-Style Settlement System. Federal Reserve Board. Finance and Economics Discussion Series, No. 164. Washington, D.C., July 1991.
Group of Thirty. Clearance and Settlement Systems in the World's Sequrities Markets. New York and London, March 1989
Group of Thirty. Clearance and Settlement Systems, Status Report; Spring 1990
Group of ThirtY. Clearance and Settlement Systems, Status Report; Year-End 1990.
Group of Thirty. Conference on clearance and Settlement Systems. London, 14 March "1990 Speeches.
International Organization of Securities Commissions. Statement of the Technical Committee of IOSCO on Issues of Clearance and Settlement.
International Society of Securities Administrators. 4th International Symposium of Securities Administrators (ISSA 4) - Symposium Report. Switzerland, May 1988.
International Society of Securities Administrators. 5th International Symposium of Securities Administrators (ISSA 5) - Symposium Report. Switzerland, May 1990.
Kessler, J.R. Study on Improvements in the Settlement of Cross-Border Securities - Transactions in the European Economic Community. Study for the Commission of the European Economic Community, Directorate-General XV, Financiallnstitutions and Company Law, July 1988.
Mooney, Charles W., Jr. Transfer, Pledge, Clearance and Settlement in the Japanese and United States Government Sequrites Markets. Bank of Japan Monetary and Economic Studies. VoI. 9, No. 1, March 1991.
Parkinson, Patrick M. Innovations in Clearing Arrangements: A Framework for Analysis. Paper prepared for the Conference on Bank Structure and Competition. Federal Reserve Bank of Chicago, May 9, 1990.
Rutz, Roger. Clearance, Payment, and Settlement Systems in the Futures, Options and Stock Markets. Board of Trade Clearing Corporation. Chicago, IL, February 1989.
Walton, R.J. The Central Moneymarket Office (CMO). Bank of England Quarterly Bulletin, November 1990.
Woldow, Robert J. Clearance and Settlement in the U.S. Sequrities Markets: An Overview of the Role of the National Securities Clearing Corporation in Equities Trading. National Securities Clearing Corporation, 1989.
6 PAYMENT SYSTEM RISK
Aglietta, M and Brender, A. Globalisation Financiere et Risque de Systeme. Banque de France, Cahiers Economiques et Monetaires, No. 37, pp. 37-71. 1990.
Angell, Wayne D. Co-operative approaches to reduce ri~~s in global financial markets: remarks made at the Conference on Regulatinglnternational Financial Markets; Issues and Policies. New York, May 1990. 83
Bennett, Barbara. Controlling payments system risk. Federal Reserve Bank of San Francisco Economic Review, August 198?
'Benston, George J. and Kaufman, George. Risk and Solvency Regulation of Depository Institutions: Past Policies and Current Options. In Haraf, William and Kushmeider, Rose (eds.) Restructuring Banking and Finacial Services in America. American , Enterprise Institute, Washington, D.C., 1988.
Board of Governors of the Federal Reserve System. Interim Policy Statement Regarding Risks on Large-Dollar Wire Transfer Systems. Federal Register, VoI. 52, No. 151. August 1987.
~ .. '.... - "'8oardofGovernors of the Federal Reserve System .. Controlling risk in the payment system. Washington, D.C., August 1988.
Board of Governors of the Federal Reserve System: Large Dollar Payment System Advisory Group. A Strategic pian for managing risk in the payment system. Washington, D.C., August 1988
Coleby, AL. Payment Systems: Efficiency, Risks and the Role of the Public Sector. Presentation to the Banca d'ltalia Workshop on Payment System Issues in the Perspective of EMU, held in Perugia on 22-23 November 1990.
Coleby, Anthony. Payments Systems: Efficiency, Risk and the Role of the Public Sector. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Clair, Robert T. Daylight overdrafts: who really bears the risk? Federal Reserve Bank of Dallas, May 1989.
Clair, Robert T. The Clearing House Interbank Payments System: a description of its operations and risk management. Federal Reserve Bank of Dallas, June 1989.
Cody, B. Reducing the Costs and Risks of Trading Foreign Exchange. Federal Reserve Bank of Philadelphia Business Review, November/December 1990.
Corrigan, Gerald E. Perspectives on Payment System Risk Reduction. Paper presented to Federal Reserve Bank of Richmond Payment System Symposium, Williamsburg, Virginia, May 1988. Reprinted in Humphrey, D.B. (ed.), 1989.
Evanoff, Douglas D. Daylight overdrafts: rationale and risks. Federal Reserve Bank of Chicago Economic Review, May 1988.
Faulhaber, Gerald R., Phillips, Almarin and Santomero, Anthony M. Payment Risk, Network Risk, and the Role of the Fed. In Humphrey, David B. (ed) The U.S. Payment System: Efficiency, Risk, and the Role of the Federal Reserve. Kluwer Academic Publishers, Boston, 1989.
Flannery, Mark J. Payments system risk and public policy. AEI Occasional papers, no. 5. American Enterprise Institute for Public Policy. Washington D.C., 198?
Folkerts-Landau, David. Systemic Financial Risk in Payment Systems. IMF, Research Department, WP/90/65. July 1990. 84
Gelfand, Matthew D. and Lindsey, David E. The simple microanalytics of payments system risk. Federal Reserve Board, Finance and Economics Discussion Series No. 61. Washington, D.C., March 1989.
Gilbert, R Alton. Payment System Risk: What Is It and What Will Happen If We Try To Reduce It? Federal Reserve Bank of St. Louis Review, VoI. 71, No. 1. January/February 1989.
Gillespie, Richard. The big Squeeze. Euromoney Corporate Finance, No. 31, pp. 61-72, June 1987.
Hartmann, W. Deutsche Bundesbank and payment system risk in the Federal Republie of ... Germany, Journai of Bank Research. pp. 214-217. 1986.
Hartmann, W. Die Deutsche Bundesbank und die Risiken im unbaren Zahlungsverkehr in der BRD. Bank und Markt, No. 7, 1987.
Hasko, Harri. Päivän sisäiset luotot ja maksujärjestelmäriski, sekä: Swiss Interbank Clearing (SIC) - Sveitsin elektroninen maksujärjestelmä. Suomen Pankki, Rahoitusmarkkinaosasto, Työpaperi 7/91, Helsinki 19.12.1991.
Heldring, F. Payment system risk in the United States. Jornal of Bank Research, VoI. 16, pp. 209-213. 1986.
Humphrey, David B. Payments Finality and Risk of Settlement Failure. In Saunders, Anthony and White, Lawrence (eds.) Technology and the Regulation of Financial Markets. Lexington Books, 1986.
Humphrey, David B. (ed.) The U.S. payment system: Efficiency, risk, and the role of the Federal Reserve: proceedings of a symposium on the payment system, May 25- 26, 1988. Kluwer Academic Publishers, Boston, 1989.
Hyland, Michael J. Risk in Payments: Fraud and Money Laundering. Paper presented for the 1991 Bank to Bank Business Conference for correspondent bankers. London, July 1991.
Kamata, Sawaichiro. Managing Risk in Japanese Interbank Payment Systems. Federal Reserve Bank of Richmond Economic Review. Fall 1990.
Kamata, Sawaichiro. Measuring "Herstatt Risk". Bank of Japan Monetary and Economic Studies, VoI. 8, No. 2. September 1990.
Kuroda, Iwao. Systemic Risk Reduction Measures. Bank of Japan. March 1990.
Large-Dollar Payments System Advisory Group. A Strategic Pian for Managing Risk in the Payment System. Report to the Payments System Policy Committee of the Federal Reserve System. Board of Governors of the Federal Rese"rve System, August 1988. de Larosiere, J. Managing Risk and Large-Value Transfers in France. Payment Systems Worldwide, Autumn 1990.
Lindsey, D.E., Gelfand, M.D., Barrett, C.W., Gilbert, RA, Humphrey, D.B., Ireland, 0., Lyon, J.M. and Marquardt, J.C. Report of the F~.geral Reserve System Task Force on controlling payment system risk. Board of Governors of the Federal Reserve System. Washington D.C., 1988. 85
Mengle, David L. Daylight Overdrafts and Payment System Hisks. Federal Reserve Bank of Richmond Economic Review, May/June 1985.
Meyer, H. Swiss I nterbank Clearing: Kettenreaktion möglich. Schweizerische Handelszei tung, Bankier-Sondernummer, No. 3, Oktober 1986.
Prutzman, Deborah S. Payment system risk. Issues in Bank Regulation, VoI. 13, No. 1, Summer 1989.
Smoot, Richard L. Billion dollar overdraft: a payment system risk challenge. Federal Reserve Bank of Philadelphia Business Review, January/February 1985.
. .. Stevens, E.J. Risk inlarge dollartransefer systems. Federal Reserve Bank of Kansas City Bankig Studies, Special Issue 1985.
Stevens, E.J. Reducing risk in wire transfer systems. Federal Reserve Bank of Cleveland Economic Review, 1986.
Stevens, E.J. Payment system risk issues. Federal Reserve Bank of Cleveland, June 1989. Task Force on Controlling Payments System Risk. Controlling Risk in the Payments System. Report to the Payments System Policy Committee of the Federal Reserve System. Board of Governors of the Federal Reserve System, August 1988.
Vital, Christian. Erfahrungen mit dem SIC (4): Steuerung der Kreditrisiken. Schweizer Bank 11, s. 45-48, 1988.
Vital, Christian. Swiss Interbank Clearing - Further Experience With a Queueing Mechanism to Control Payment System Risk. Paper prepared for the Global Funds Transfer Conference of thr Institute for International Research. New York, February 6-7, 1990. (modified version presented for the Conference on Electronic Banking im Auslandzahlungsverkehr of the Institute for International Research. Munchen, April 18-19, 1990.
7 INTRADAY CREDIT AND DAYLlGHT OVERDRAFTS
Bank of Canada. Implementation of Monetary Policy in the Absence of Reserve Require ments. Discussion Paper No. 1, 30 September 1987.
Bank of Canada. Implementation of Monetary Policy in a System with Zero Reserve Requirements. Discussion Paper No. 2, 2 February 1989.
Bank of Canada. Implementation of Monetary Policy in a System with Zero Reserve Requirements. Discussion Paper No. 3, 1 May 1991. Bank of Canada Review, May 1991.
Belton, T.M., Gelfand, M.D., Humphrey, D.B. and Marquardt, J.C. Daylight Overdrafts and Payments System Risk. Federal Reserve Bulletin, VoI. 73. November 1987.
Clair, Robert T. Daylight overdrafts: who really bears the risk? Federal Reserve Bank of Dallas, May 1989.
Evanoff, Douglas D. Daylight overdratts: rationale and risks. Federal Reserve Bank of Chicago Economic Review, May 1988. 86
Hasko, Harri. Päivän sisäiset luotot ja maksujärjestelmäriski, sekä: Swiss Interbank Clearing (SIC) - Sveitsin elektroninen maksujärjestelmä. Suomen Pankki, Rahoitusmarkkinaosasto, Työpaperi 7/91, Helsinki 19.12.1991.
Humphrey, David B. Market responses to pricing Fedwire daylight overdrafts. Federal Reserve Bank of Richmond Economic Review, VoI. 75, No. 3, pp. 23-34. May/June 1989.
Mengle, David L. Daylight Overdrafts and Payment System Risks. Federal Reserve Bank of Richmond Economic Review, May/June 1985.
Mengle, David L. Payments without Overdrafts: The Swiss Interbank Clearing System . ... Journai ofCash Management. VoI. 9, No. 5. pp. 53-63, September/October 1989.
Mengle, David L., Humphrey, David B. and Summers, Bruce J. Intraday credit: risk, value, and prising. Federal Reserve Bank of Richmond Economic Review, January 1987.
Simmons, R.D. Would banks buy daytime fed funds? Federal Reserve Bank of Chicago Econom ic Perspectives, VoI. 11, pp. 36-43. 1987.
Smoot, Richard L. Billion dollar overdraft: a payment system risk challenge. Federal Reserve Bank of Philadelphia Business Review, January/February 1985.
Stevens, E.J. Pricing daylight overdrafts. Federal Reserve Bank of Cleveland Economic Review, December 1988.
Stevens, E.J. Removing the hazard of Fedwire daylight overdrafts. Federal Reserve Bank of Cleveland Economic Review, second quarter 1989.
Van Hoose, David D. Bank behavior, interest rate determination, and monetary policy in a financial system with an intraday federal funds market. Journai of Banking and Finance, Voi. 15, No. 2, pp. 343-365. April 1991.
Van Hoose, David D. and Sellon, Gordon H. Jr. Daylight overdrafts, payments system risk, and public policy. Federal Reserve Bank of Kansas City Economic Review, September 1989.
Whitesell, William C. Potential Monetary Policy Effects of a Moonlight Fedwire Facility. Board of Governors of the Federal Reserve System, Division of Monetary Affairs. December 6, 1989.
8 PAYMENT SYSTEM SERVICES: COST AND PRICING
Angell, Wayne D. Policy responce to issues in cantral bank payment services. Paper prepared for the International Symposium on Banking and Payment Services. Federal Reserve Board, Washington DC., 1989.
Ausubel, Lawrence M. The Failure of Competition in the Credit Card Market. American Economic Review, VoI. 81, No. 1. March 1991.
Avery, Robert B., Elliehausen, Gregory E., Kennickell, Arthur B., and Spindt, Paul A. The use of cash and transaction account by American families. Federal Reserve Bulletin, Washington, D.C., February 1986. 87
Avery, Robert B., Elliehausen,Gregory E., Kennickell, Arthur B., and Spindt, Paul A. Changes in the Use of Transaction Accounts and Cash from 1984 to 1986. Federal Reserve Bulletin, Washington D.C., March 1987.
Bergendahl, Göran. Princing Strategies in Banks. Institute of European Finance. University College of North Wales, Research Paper in Banking and Finance, RP 87/20. Bangor, 1987.
Berger, Allen N. and Humphrey, David B. Market failure and resource use: economic incentives to use different payment instruments. Federal Reserve Board, Washington, D.C., July 1988.
., ,. BerIin, Mitchell and Mester, Loretta J.' Credit card rates and consumer search. Mimeo. Federal Reserve Bank of Philadelphia, February 1988.
Binney, Robert. The Profitability Measurement in Correspondent Banking. Paper presented for the 1991 Bank to Bank Business Conference for correspondent bankers. London, July 1991.
Board of Governors of the Federal Reserve System. Functional cost analysis. Washington, D.C., 1986.
Board of Governors of the Federal Reserve System. Planning and Control System expence report (PACS). Washington, D.C., 1987.
Board of Governors of the Federal Reserve System. Credit cards in the Us economy: their inpact on costs, prices and retail sales. Washington, D.C., 27th July 1988.
Board of Governors of the Federal Reserve System. Priced Services, 1988 and 1989. Federal Reserve Bulletin, August 1989.
Canner, Glenn B. and Fergus, James T. The economic effect of proposed ceilings on credit card interest rates. Federal Reserve Bulletin, January 1987.
Carraro, Kenneth C. and Thornton, Daniel L. The cost of checkable deposits in the United States. Federal Resrve Bank of St Louis Revi~w, VoI. 68, No. 4, April 1986.
Farquharson, lan. Cross-Border Banking Services. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Fidjest01, Asbj0rn, Flatraaker, Dag-Inge and Vogt, Carl Jacob. Kostnader i betalingsformidlingen (Costs in the payment system). Norges Bank. Penger og Kreditt 1989/3
Fidjest01, Asbj0rn, Flatraaker, Dag-Inge and Vogt, Carl Jacob. Inntekter, kostnader og prissetting i betalingsformidlingen (Revenues, costs and pricing in the payment system). Norges Bank. Penger og Kreditt 1989/4
Friedman, Milton. The Resource Cost of Irredeemable Paper Money. Journai of Political Economy, VoI. 94, No. 3, June 1986.
Gambs, C.M. The cost of the US payments system. Journai of Bank Research, 1986.
Heck, Ramona K.Z. Differences in utilisation behaviour among types of credit cards. Service Industries Journai, VoI. 7, No. 1, January 1987. 88
Humphrey, David B. Resource Use in Federal Reserve Check and ACH Operations After Pricing. Journai of Bank Research. VoI. 16, No. 1. Spring 1985.
Humphrey, David B. Market responses to pricing Fedwire daylight overdrafts. Federal Reserve Bank of Richmond Economic Review, VoI. 75, No. 3, pp. 23-34. May/June 1989.
Jaakonmäki, Marjaleena. Selvitys pankkipalveluhinnoista pääkaupunkiseudulla - kuluttajan näkökulmasta. Suomen Kuluttajaliitto, 1991.
Kuprianov, Anatoli. An analysis of Federal Reserve pricing. Federal Reserve Bank of Richmond Economic Review, VoI. 72, No. 2, March/April1986.
Liiketaloustieteellinen tutkimuslaitos. Pankkipalveluiden kustannusvastaavuus: Laskentaperusteet ja toteutuminen (Costcorrespondence in bank services: Accounting methods and results. The Helsinki Research Institute for Business Economics, Series B:52). LTT, Sarja B:52, Helsinki 1989.
Lindblom, Ted. Pricing Strategies on Payment Services. University of College North Wales, Institute of European Finance. Research papers in banking and finance, RP 90/016. Bangor, 1990.
Lindholm, Ted. Prising and Cost Structures. Institute of European Finance. University College of North Wales, Research Papers in Banking and Finance, RP 91/18. Bangor, 1991.
Mengle, David L., Humphrey, David B. and Summers, Bruce J. Intraday credit: risk, value, and prising. Federal Reserve Bank of Richmond Economic Review, January 1987.
Murphy, Neil B. Determinants of household check writing: Impact of the use of electronic banking services and alternative pricing of checking services. Board of Governors of the Federal Reserve System, Finance and Economics Discussion Series. No. 38, September 1988.
Pavel, Christine and Binkley, Paula. Cost and competition in the bank credit cards. Federal Reserve Bank of Chicago Economic Perspectives, March/April 1987.
Shay, Robert P. Bank Credit Card Pricing: is the market working? Journai of Retail Banking, VoI. 9, No. 1, Spring 1987.
Stevens, E.J. Pricing daylight overdrafts. Federal Reserve Bank of Cleveland Economic Review, December 1988.
Suominen, Matti and Tarkka, Juha. Trends in the demand for and pricing of banking services in Finland. Bank of Finland Bulletin, VoI. 65, No. 10, October 1991.
Tarkka, Juha. Competitive Deposit Rates and Bank Service Charges. Bank of Finland, Discussion Papers, No. 26/89. Helsinki 23.8.1989.
~ The Monopolies and Mergers Commission Report into Credit Card Services. Published in August 1989 by HMSO, command paper 718.
Van Petegem, Antoon. Cross-Border Payment Services in Europe: A View from the Corporate Sector. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective ofEuropean Monetary Unification. Banca D'ltalia. Rome 1991. 89
Woolley, Michael J. Imperfect information, adverse selection and interest rate sluggishness in the pricing of bank credit cards. Board of Governors of the Federal Reserve System, Finance and Economics Discussion Series. No. 37, September 1988.
9 JURIDICALAND REGULATORY ISSUES
AIIsopp, P.W. The Regulator's View of Netting Schemes. Speech at a conference on correspondent banking. London, December 1990.
-Ballen, Robert G., Davis, Tony··M.,-Savage, Joseph P. and Velteri, Stephen C. Commercial Paper, Bank Deposits and Collection, and Other Payment Systems.
"Banking Services: Law and Practice". Report by the Review Committee chaired by Professor Robert Jack (The Jack Report), published in February 1989 by Her Majesty's Stationery Office (HMSO), command paper 622.
"Banking Services: Law and Practice". The Government's response to the Review Commit tee's report, published in March 1990 by HMSO, command paper 1026.
Bergo, Knut. Oppgj0r og rettsvern i verdipapirsentralen: Sffirlig om fondsmeglerens rettsvern overfor sluttkunden. NORAS (The Norwegian Research Council for Applied Social Science) Det nye pengesamfunnet: Research on Banking, Capital and Society, Rapport nr 24, 1991.
Borges, J.M. (Ed.) Cheques, traveller's cheques e cartöes de credito -questöes civeis e penais, legislagäo e formulario (Legal issues on cheques, traveller's cheques and credit cards). Rei dos livros. Lisboa. 1984.
Corrigan, Gerald E. Bank supervision in a changing financial environment. Federal Reserve Bank of New York. 1986.
Etzkorn, J. Rechtsfragen des Internationalen Elektronischen Zahlungsverkehrs durch S.W.I.F.T.. Walter de Gruyter, Berlin/New York, 1991.
European Free Trade Association. Consultative Committee, Sub-Committee on Consumer Policy Affairs. New methods of payment - Guidlines for Regulation of Electronic Funds Transfer Systems. EFTNCSC/CPA 1/90, 1 Annex, 26 February 1990.
Ewing, Annabelle J. The Draft EEC Money Laundering Directive: An Overview. Journai of International Banking Law, VoI. 6, No. 4, 1991.
Geva, Benjamin. Payment into a bank account. Journai of International Banking Law, VoI. 5, No. 3, 1990.
Goode, R.M. (Ed.) Electronic Banking: The Legallmplications. The Institute Bankers. London, 1985.
Gorton, Gary B. and Haubrich, Joseph G. The Joint Production of Confidence: Endo genous Regulation and Nineteenth Century Commercial-Bank Clearing Houses. Journai of Money, Credit and Banking. Voi 19, November 1987.
Hess, M. Die Rechtsgrundlagen des Swiss Interbank Clearing (SIC). Wirtschaft und Recht. VoI. 40, Heft 1, s. 31-49, 1988. 90
Hyland, Michael J. Risk in Payments: Fraud and Money Laundering. Paper presented for the 1991 Bank to Bank Business Conference for correspondent bankers. London, July 1991.
Hörmann, Gunter. Foreign Exchange Payments in Europe from the Consumer's Viewpoint. In Passacantando, Franco (Ed.) Proceedings of the Workshop on PaymentSystem Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Jacobsen, Eivind. Kort vei til å miste kontrollen? - om forbrukernes kontrolI med utgifter og utgiftsnivå ved bruk av elektroniske uttaks- og betalingskort. NORAS (The Norwegian Research Council for Applied Social Science) Det nye pengesamfunnet: Researchon Banking, Capitai and Society, Rapport nr 23, 1991.
Johnson, Leslie T. Future Developments and Structural Changes in Retail Banking in Europe: Some Implications for Bank Regulators. Bank of Finland. Discussion Papers, No. 25/90. Helsinki, 14.12.1990.
Koulu, Risto. Tilimaksun saajan suojasta (The protection of an payee in payments over a bank account, Summary in english).
Laderman, Elizabeth S. The Public Policy Implications of State Laws Pertaining to Automated Teller Machines. Federal Reserve Bank of San Francisco Economic Review, Winter 1990. No. 1, January 1987.
Nabais, J. Transferencias electr6nicas de fundos -problemas jurfdicos (Legal issues on electronic fund transfers), in Revista da Banca. Lisboa. April 1987.
N6voa, S., Seia, A. et al. Cheque: responsabilidade do banco sacado -ac6rdäo de 5 de Abril de 1990 (Legal issues on cheques), in Colectanea de jurisprudencia. Coimbra. 1990.
OECD. Automation of Sequrities Markets and Regulatory Implications. OECD Financial Markets Trends, No. 50, Special feature pp. 20-49. October 1991.
Poullet, Yves and Vandenberghe, G.P.V. (Eds.) Telebanking, Teleshopping and the Law. Kluwer. London, 1988.
Procter, C.C. Payment Systems: Some Issues from the Consumer Perspective. Reserve Bank of Australia Bulletin, June 1991.
Raposo, A. Alguns aspectos jurfdicos dos pagamentos atraves das caixas automaticas: responsabilidade civil e prova (Some legal aspects on payments through ATM's), in Boletim do Ministerio da Justica. Lisboa. June 1988.
Ribeiro, M., Napoles, M. et al.Cheques: pagamento, prazo, responsabilidade civil, prescrigäo (Leagal issues on cheques), in Colectanea de jurisprudencia. Coimbra. 1990.
Riisncss, Rolf (Ed.) Elektronisk betalningformidling oc forbrukerintresser 1. Rapport från den Nordiske konferansen 1990. CompLex 5/90, Tano, Oslo 1990.
Riisncss, Rolf (Ed.) Elektronisk betalningformidling oc forl?rukerintresser II. Rapport från den Nordiske konferansen 1990. Com pLex 5/91, Tano, Oslo 1991. 91
Rowe, Michael. Laying down the law of the lines. Banking Technology, VoI. 7, No. 4, April 1990.
Salmon, Hubert. Payment cards and Europeancompetition law: an attemptat evaluation. Journai of International Banking Law, VoI. 5, No. 1, 1990.
Shea, Tony,- The Usefullness of Netting Agreements. Journai of International Banking Law, VoI. 6, No. 4, 1991.
Scott, Hal S. The Legal Powers of Central Banks in Payment Systems: The Example of the Federal Reserve System. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary . Unification. -Banca d'ltalia. .Rome 1991.
Troberg, Peter. Integration of EEC Payments Systems: European Commission Initiatives. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca d'ltalia. Rome 1991.
Torvund, Olav. Rettslige rammevilkår for betalningsformidling. NORAS (The Norwegian Research Council for Applied Social Science) Det nye pengesamfunnet: Research on Banking, Capital and Society, Rapport nr 18, 1991.
United Nations Commission on International Trade Law. Report of the Working Group on International Payments. (NCN.9/328) 15 August 1989.
Valcin, Y. Consumer Issues in Electronic Banking: A Policy Action for Canada. Paper presented at the seminar on Money and Electronic Banking: The Law of Payments and Clearing. Toronto, 1988.
Working Group Examining the Rights and Obligations of the Users and Providers of Electronic Funds Transfers Systems. Australian Government Publishing Service. Canberra 1985, 1986 and 1989.
10 TECHNOLOGY
Association Belge des Banques. La carte a m icrocicuit: ses particularites et son avenir (29 pp). Bruxelles, 1988.
Association Belge des Banques. La banque et les telecommunications (33 pp). Bruxelles, 1989.
Bright, R.D. An assessment of "aktive" smart cards. Chip Card News, No. 29, September 1989.
Canadian Payment Assosiation. The Fundamental Elements of EFT/POS: Revised and Recommended Version. September 23, 1988.
Canadian Payment Assosiation. Standard 022: Standard for Financial Transaction Cards; Data Content of Magnetic Stripe - Track 2. September 20, 1989.
Canadian Payment Assosiation. Standard 021: Standards and Guidelines Applicable to Electronic Funds Transfer at the Point of Sal.e (EFT/POS). March 21, 1990. 92
Center for Financiallndustry Information Systems. Technologicallnnovation in Japanese Financiallnstitutions, September 1989.
Danm0nt NS. -Report describing the general outlines of a commercially viable general purpose prepaid petty cash-card system - Danm0nt. Copenhagen, June 1990.
De Seze, Nicolas. Electronic Data Interchange Developments in Europe. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Deutsche Bundesbank. Externe Spezifikation der Elektronischen Öffnung der Deutschen Bundesbank(External 'specifications of the electronic counter of the Deutsche Bundesbank). Oktober 1990.
Dunn, P.T. and Poe, D.A. Preserving the integrity of the bank card. Jounal of Retail Banking, VoI. 12, No. 2, Summer 1990.
Ewens, P. Electronic Banking: Vernetzung zwischen Kreditinstituten. In Biervert, B. und Dierkes, M. (ed.) Informations- und Kommunikationstechniken im Dienstleistungssektor: Rationalisierung oder neue Qualität. Weisbaden 1989.
Galle, A. Schweizerisches Interbank-clearing (SIC): Sofiware-qualität durch hierarchische Program mverwaltung. Output, 5/1990.
Industrial Bank of Japan. Issues of and prospects for multi-purpose prepaid cards. Industrial Bank of Japan Finance and Industry Quarterly Survay, No. 80, 4th quarter 1989.
Lindmo, E. Implementing a banking smart card system. Chip Card News, No. 27, March 1989.
Mai, V. Erfarungsbericht Ober den Einsatz eines Schriften-Lese-Sysjems. Betriebswirt schaftliche Blätter, VoI. 36, No. 7, 1987.
Marshall, Judith J. and Heslop, Louise A. Technology Acceptance in Canadian retail banking: a study of consumer motivations and use of ATMs. International JournaI of Bank Marketing, VoI. 6, no. 4, 1988.
Revell, Jack. The impact of technology on bank operations and bank marketing. Interna tional Journai of Bank Marketing, VoI. 5, No. 4, 1987.
Saunders, A. and White, L.J. (Ed.) Technology and the Regulation of Financial Markets. Lexington, Massachusetts. Lexington Books, 1986.
UNCLASSIFIED
Australian Consumers' Association. The Money Revolution. Consuming Interest, Sydney, September 1986.
Banca d'ltalia. Projects conserning the payment system: recent innovation. Bank of Italy Economic Bulletin. No. 9, pp. 57-62. Rome, October 1989.
Bank for International Settlements. Group of Experts on Payment Systems. Payment Systems in Eleven Developed Countries. Basle, February 1985 and April 1989. 93
Banque de France. Situation actuelle et evolution previsible des reglements scripturaux et des circuits d'echange (The actual situation and forseeable evolution of regulations and the paths of exchange). Banque de France, Bulletin Trimestriel, Septembre 1987.
Banque de France, Service de l'lnformation. Le systeme des reserves obligatoires (The mandatory reserve requirement system). Note d'lnformation No. 77, Avril1988.
Banque de France. Instruments de politique monetaire (Monetary policy instruments). ' Dossiers Economiques et Monetaires sur l'Etranger, No. 1. February 1989.
Barucci, P. I nuovi sistemi di pagamento (new payment systems). Bancaria. Rome, February 1987.
Berger, Allen N., Humphrey, David B., and Frodin, Joanna H. Interstate banking: impacts on the payment system. Federal Reserve Board research paper, 1986.
Berger, Allen N. and Humphrey, David B. Interstate Banking and The Payment System. Journai of Financial Services Research, VoI. 1. January 1988.
Borio, Claudio, Daniela Russo and Paul Van den Bergh. Payment System Arrangements and Related Policy Issues: A Cross-Country Comparison. In P.assacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca D'ltalia. Rome 1991.
Ciampi, C.A., Dini, L. and Padoa-Schioppa, T. L'evoluzione del sistema dei pagamenti (development of the payment system). Banca d'ltalia Bolletino Economico. No. 8, pp. 29-50. Rome, February 1987.
Corrigan, Gerald E. Financial Market Structure: A Longer View. Federal Reserve Bank of New York, Annual Report, 1987.
De Mattia, Renato. The Forces at work in the Evolution of Payment Systems in the 1980s. Journai of Bank Research. Winter 1985.
Deutsche Bundesbank. The Deutsche Bundesbank: its monetary policy instruments and funktions, 2nd ed., Deutsche Bundesbank Special Series, No. 7, Frankfurt/M. 1987.
Eisenbeis, Robert A. Eroding Market Imperfections: Implication for Financiallnterme diaries, the Payment System, and Regulatory Reform. In Restructuring the Financial System. Federal Reserve Bank of Kansas City. 1987.
Giannini, C. L'evoluzione del sistema dei pagamenti: una sintesi teoretica. Moneta e Credito. No. 162. Rome, June 1988.
Goodfriend, Marvin. Money, credit, banking and payments system policy. Federal Reserve Bank of Richmond Economic Review, August 1988 and January/February 1991.
Haraf, William S. and Kushmeider, Rose (Ed.) Restructuring Banking and Financial Services in America. Washington D.C.: American Enterprise Institute. 1988.
Hartmann, Wendlin. The Unification of the East and West German Payment Systems. In Passacantando, Franco (Ed.) Proceedings of the Workshop on Payment System Issues in the Perspective of European Monetary Unification. Banca d'ltalia. Rome 1991. 94
Hopton, David. Payment Systems: A Case for Consensus. Bank for International Settle ments, May 1983.
Johnson,-Manual H.. Challenges to the Federal Reserve in the payments mechanism: presentation at the Payment System Symposium, Federal Reserve Bank of Richmond. Federal Reserve Board, 1988.
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Judt, Ewald. Zahlungsverkehr - eine LiteraturObersicht, Te iI II. Österreichisches Bank Archiv. VoI. 35, No. 7, Juli 1987.
Kircher, W. Vergleich ausgewählter nationaler Zahlungverkehrssysteme. Wirtschaftsuniversität Wien. Diplomarbeit, Wien 1989.
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Lempinen, Urho and Lilja, Reija. Keskuspankki kehittyvässä maksujärjestelmässä (The Central Bank in a Changing Payment System). Bank of Finland, series A:69. Helsinki 1988.
Lempinen, Urho and Lilja, Reija. Payment Systems and the Central Bank. Bank of Finland, series 0:70. Helsinki 1989.
Lilja, Reija and Lempinen, Urho. The Finnish Payment System: An International Compa rison. Bank of Finland Monthly Bulletin, April 1987.
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Van Hoose, David D. The Angell Proposal: An Overview. Staff Paper, Board of Governors of the Federal Reserve System. June 1988.
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ISSN 0785-3572 ,
1/92 Jaakko Autio Valuuttakurssit Suomessa 1864-1991. Katsaus ja ti1astosa~at. (Exchange Rates in Finland 1864-1991. Survey and Statistical Series). 1992.36 + 245 p. ISBN 951-686-309-4. (TU)
2/92 Juha Tarkka - Johnny Åkerholm Fiscal Federalism and European Monetary Integration. 1992. 29 p. ISBN 951-686-31O~8. (KP)
3/92 Päivikki Lehto-Sinisalo The History of Exchange Control in Finland. 1992. 92 p. ISBN 951-686-311-6. (TI)
4/92, Erkki' Koskela - Matti Viren Inflation, Capital Markets and Household Saving in Nordic Countries. 1992.21 p. ISBN 951-686-312-4. (TU)
5/92 Arto Kovanen Intemational Capital Flows in Finland 1975-1990: The Role of Expectations. 1992. 18 p. ISBN 951-686-313-2. (KT)
6/92 Ilmo Pyyhtiä Investointien kohdentuminen Suomessa (A1location of iIivestments in Finland). 1992'. 54 p. ISBN 951-686-314-0. (KT)
7/92 Margus Hanson Eesti Pank ja Viron rahajärjestelmä 1920- ja 1930-luvulla (Eesti Pank and the Monetary System of Estonia in the 1920s and 1930s). 1992. 58 p. ISBN 951-686-315-9. (TU)
'8/92 Markku Malkamäki Estimating Conditional Betas and the Price of Risk for a Thin Stock Market. 1992.36 p. ISBN 951-686-317-5. (TU)
9/92 Markku Malkamäki Conditional Betas and the Price of Risk in a Thin Asset Market: A Sensitivity Analysis. 1992. 39'p. ISBN 951-686-318-3. (TU)
10/92 Christian Starck Keskuspankkien riippumattomuus - kansainvälinen vertailu (The Independence of Central Banks - an Internationai Comparison). 1992. 43 p. ISBN 951-686-319-1. (KP)
11/92 Juha Tarkka Tax on Interest and the Pricing of PersonaI Demand Deposits. 1992. 21 p. ISBN 951-686-320-5. (KP)
12/92 Terhi Kivilahti - Jyri Svanborg - Me~a Tekoniemi Itä-Euroopan maiden valuuttojen vaihdettavuudesta (Currency convertibility in Eastem Europe). 45 p. ISBN 951-686-322-1. (IT)
13/92 Heikki Koskenkylä NoIjan pankkikriisi ja vertailua Suomen pankkeihin (The Bank Crisis in Norway and a Comparison with Finnish Banks). 1992.37 p. ISBN 951-686-323-X. (TU)
14/92 Tom Kokkola An Intemational Bibliography of Payment Instruments and Systems Literature for the Years 1985-1991. 1992. 94 p. ISBN 951-686-325-6. (RM)